capital gains query

phatbear

whilst reading the forum last night i noticed capitla gains tax kept cropping up it then dawned on me that it may effect me.

my situation is:

I have a mortgaged property which i am currently in the process of selling, purchased for 91500 less than two years ago and currently selling for 105000.

during the process of this sale myself and my girlfriend have bought a house together, the master plan was to sell and move on the same date but due to issues with my buyer the delay was starting to cause issues with our purchase so we went ahead and purchased our house, where we have lived for almost 2 months leaving my flat empty whilst the sale goes through.

so strictly speaking the flat is no longer my home and therefore does it now make my flat subject to capital gains tax?

CLAPTON

phatbear wrote: »

whilst reading the forum last night i noticed capitla gains tax kept cropping up it then dawned on me that it may effect me.

my situation is:

I have a mortgaged property which i am currently in the process of selling, purchased for 91500 less than two years ago and currently selling for 105000.

during the process of this sale myself and my girlfriend have bought a house together, the master plan was to sell and move on the same date but due to issues with my buyer the delay was starting to cause issues with our purchase so we went ahead and purchased our house, where we have lived for almost 2 months leaving my flat empty whilst the sale goes through.

so strictly speaking the flat is no longer my home and therefore does it now make my flat subject to capital gains tax?

you have 18 months grace to sell before any tax liability (plus you have a cgt allowance of 11,100)

phatbear

great thanks for that