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How to avoid Capital Gains Tax????
kdkd008
Posts: 1 Newbie
in Cutting tax
I am looking for advice on whether I am liable for Capital Gains Tax.
I purchased a property as my main residence in 2001. I lived in the property till 2004.
Since 2004, the property has been on the rental market.
I have purchased no other properties to be my main residence after this property.
Between 2004-2008, I lived in rented accommodation. Between 2008-2011, I lived with parents.
I ended all paid employment in the UK on 30th March 2011 (to try and coincide with end of financial year).
On 1st April 2011, I married an American citizen. I left the UK on 25th April 2011 on an indefinite basis and have migrated abroad. I have no foreseeable plans to return to reside in the UK.
I would like to sell my property in the next 6 months and want to know…….
1. Am I liable for CGT?
2. If yes, what are my options for reducing the liability – can I make my husband a sole or joint owner before selling?
3. Will HMRC take into account the fact that it was my main residence between 2001-2004 and reduce the liability? (known as Private Residency Relief)
I would be very grateful for any advice.
I purchased a property as my main residence in 2001. I lived in the property till 2004.
Since 2004, the property has been on the rental market.
I have purchased no other properties to be my main residence after this property.
Between 2004-2008, I lived in rented accommodation. Between 2008-2011, I lived with parents.
I ended all paid employment in the UK on 30th March 2011 (to try and coincide with end of financial year).
On 1st April 2011, I married an American citizen. I left the UK on 25th April 2011 on an indefinite basis and have migrated abroad. I have no foreseeable plans to return to reside in the UK.
I would like to sell my property in the next 6 months and want to know…….
1. Am I liable for CGT?
2. If yes, what are my options for reducing the liability – can I make my husband a sole or joint owner before selling?
3. Will HMRC take into account the fact that it was my main residence between 2001-2004 and reduce the liability? (known as Private Residency Relief)
I would be very grateful for any advice.
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