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Primary Residense Question
AbarnabyAbarneybay
Posts: 1 Newbie
in Cutting tax
I bought a flat and let it out for 4 years while i was living in rented accomodation elsewhere. I have never actually lived in this property. after 4 years I bought a second property with my girlfriend where we still live. If I sell my first property can I consider it as ever having been my primary residense for CGT purposes? or will it CGTtaxed at 40% as per normal.
Many thanks
Barnaby
Many thanks
Barnaby
0
Comments
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AbarnabyAbarneybay wrote: »I bought a flat and let it out for 4 years while i was living in rented accomodation elsewhere. I have never actually lived in this property. after 4 years I bought a second property with my girlfriend where we still live. If I sell my first property can I consider it as ever having been my primary residense for CGT purposes? or will it CGTtaxed at 40% as per normal.Many thanks Barnaby
If you never lived there, then there is no PPR relief, so the gain, less taper relief and your annual exemption, is taxed at either 20 or 40% depending on your other taxable income for the year.0
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