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Capital gains or not
Duncan_Gill
Posts: 1 Newbie
I have let my home for a year while travelling Europe. I now want to sell it.
I own a second house which I also let.
Do I have to pay capital gains tax on the home which I am now selling?
I own a second house which I also let.
Do I have to pay capital gains tax on the home which I am now selling?
0
Comments
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always take advice but i would think not. you are exempt from paying CGT on your property while it is your principal private residence and for 3 years afterwards.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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If, at some point, the house was your principal private residence [the test is factual, rather than time based I believe] the last 3 yrs ownership are exempt whatever purpose it was used for during that time. See "Period of ownership" on page 2 of this HMRC factsheet.
https://www.hmrc.gov.uk/pdfs/2003_04/capital_gains/ir283.pdf
Keep or gather records proving when you actually lived in the house and as far as I can see, as silvercar says, you shouldn't be liable for CGT.0
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