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Lived in house for 25 years, then let, now want to sell what is the CGT implications

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Bought our House in Scotland in 1984 after retirement in 2009, we moved and purchased another house in England. Since 2010 the Scottish house was let. Now thinking about selling, I seem to remember something about a reduced CGT based on the interval between moving and selling ?
Any help would be appreciated.

Comments

  • Tixy
    Tixy Posts: 31,455 Forumite
    When you lived in the property you were eligible for PPR relief (principal private residence relief).

    The last 18months you own the property is also eligible for PPR relief regardless of whether you lived there or not.

    You will then be eligible for lettings relief for the period it was let out (though there is a maximum amount of relief available).

    So that likely just leaves a small period in 2009-2010 when the property was empty but not your main residence that would be liable to capital gains.

    Depending on the figures involved and exactly how long it was empty and not to let out, it may well be that the proportional gain for that period would be less than your annual CG allowance (if there are 2 of you who own the property you both have an annual allowance).
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • rcgood
    rcgood Posts: 31 Forumite
    Thanks for the information, is there any calculator i can use to work out the liability. The House is in myself and wife's name from when purchased.
  • Tixy
    Tixy Posts: 31,455 Forumite
    There is a step by step guide on this HMRC link http://www.hmrc.gov.uk/cgt/property/calc-cgt.htm (though it makes it sounds much more complicated than it is)

    And step 5 doesn't mention lettings relief, but you can see info on that on this link http://www.hmrc.gov.uk/cgt/property/sell-own-home.htm
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • rcgood
    rcgood Posts: 31 Forumite
    House Bought September 1984
    Purchase Cost £26,000
    Moved out October 2009
    First Let July 2010
    Expected Selling Price £130,000
    House in both names married couple
    Both Retired

    If some one can do the maths i would be grateful.
    :)
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