CGT payable on selling two properties?

tenantincommon

Pease can anyone confirm...owning two properties, first one was lived in until second one acquired, then subsequently let for six years. Second property then became main residence, so no CGT payable on its sale. Once that has been disposed of, live in first property again for a period of a few months before selling and no CGT payable on this sale?

Bluebirdman_of_Alcathays

Possibly - would need to have actual dates and figures to give any meaningful answer.

CLAPTON

tenantincommon wrote: »

Pease can anyone confirm...owning two properties, first one was lived in until second one acquired, then subsequently let for six years. Second property then became main residence, so no CGT payable on its sale. Once that has been disposed of, live in first property again for a period of a few months before selling and no CGT payable on this sale?

no you will be liable to cgt on the 'first' house as it has not been your primary residence for the full period of ownership.
however, it might work out the tax is zero because of the various exemption but depends upon the detail

moving back for a few months will make little difference and doesn't mean no cgt

tenantincommon

Thank you, property 1 owned for seven years in total, lived in for first year then rented out for six years. Second property purchased and lived in for the six years that property 1 was rented out. Property 2 sold then moving back into property 1 for a few months (unsure how long...does this make a difference to CGT as can be flexible?). Return on property 1 approx 30k. Expenses £2k. Many thanks

gwynlas

I was in similar situation and have had to pay CGT despite allowances and profit funding current home

CLAPTON

tenantincommon wrote: »

Thank you, property 1 owned for seven years in total, lived in for first year then rented out for six years. Second property purchased and lived in for the six years that property 1 was rented out. Property 2 sold then moving back into property 1 for a few months (unsure how long...does this make a difference to CGT as can be flexible?). Return on property 1 approx 30k. Expenses £2k. Many thanks

the second property has been your primary residence since you bought it so there is no cgt

what was the purchase price of the first and what is the likely selling price ?
when was it bought, year and month
when did you move out y&m
when did you let it out y&m and for how long
when are you likely to sell it?