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Armed Forces landlords - Capital Gains Tax?
alibongo42
Posts: 295 Forumite
My husband and I let our house in Scotland. As he is in the British Army, we live in married quarters accomodation.
We bought the property that we let, to get on the property ladder while we could afford it, and to provide us with somewhere to live when he leaves the Army.
We don't currently have any intention of selling the property (or of moving into it), but I have recently begun to wonder if we will be liable for Capital Gains Tax when we do? We didn't buy it specifically to make profit, and it is the only property we own (or ever have owned), but we have never lived in it.
If my husband left the Army and we move into the property, would we need to keep it for a certain length of time, to avoid CGT, or does our "Armed Forces" situation give us any allowances?
We bought the property that we let, to get on the property ladder while we could afford it, and to provide us with somewhere to live when he leaves the Army.
We don't currently have any intention of selling the property (or of moving into it), but I have recently begun to wonder if we will be liable for Capital Gains Tax when we do? We didn't buy it specifically to make profit, and it is the only property we own (or ever have owned), but we have never lived in it.
If my husband left the Army and we move into the property, would we need to keep it for a certain length of time, to avoid CGT, or does our "Armed Forces" situation give us any allowances?
0
Comments
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We left the Forces so long ago that I cannot remember. Best is to ask your Housing Officer to point you in the right direction or the Families Association.
As Forces or Ex-Forces you get some concessions but am not up to speed on the latest legalities or options available.0
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