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Am I Exempt From CGT?
Comments
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dougk wrote:Do you don't own the flat you live in?
You just own the one house right. Surely you are best to make that your principle residence for a while????? If you made it your principle residence now by the time it sold (probably 2 months time) then you would be selling your only home so CGT would not apply isn't this right? well thats my yake on it.
A rented property you live in is not a second home is it??????
I think this is covered in the OP's first sentence.
Making the house you own your principal residence would be a good idea, to avoid the CGT. However, if going down this route you do have to actually live in the house, which given the distance between your rented place and the house in quesiton, may not be practical.Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery0 -
If say the Op "Lived" in his house at weekends but during the week comuted and tentd a room in the south ... woudl it be his principle residence?If it doesnt pay rent sell it.
Mortgage - £2,000
Updated - November 20120
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