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Nominating a property for Capital Gains Tax
Raymond_Douglas
Posts: 21 Forumite
Hello,
I have read that, as the owner of two properties, I can chose to nominate the larger one I am letting to be tax-free, and to be liable for Capital Gains Tax on the smaller one in which I am living.
How would I go about this? Does anyone know an online guide? Any advice?
Many thanks,
Raymond
I have read that, as the owner of two properties, I can chose to nominate the larger one I am letting to be tax-free, and to be liable for Capital Gains Tax on the smaller one in which I am living.
How would I go about this? Does anyone know an online guide? Any advice?
Many thanks,
Raymond
0
Comments
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Raymond_Douglas wrote: »Hello,
I have read that, as the owner of two properties, I can chose to nominate the larger one I am letting to be tax-free, and to be liable for Capital Gains Tax on the smaller one in which I am living.
How would I go about this? Does anyone know an online guide? Any advice?
Many thanks,
Raymond
You can't nominate one you are letting (it isn't your residence).
You can only nominate if you have two properties which you actually live in.0 -
Oh right. Seemed like suspiciously good news...
At least that's a clear answer. Thanks for putting me in the picture, anselld.0
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