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Capital Gain Tax when knocking 2 houses into 1.
Kbabs76
Posts: 3 Newbie
I live in a semi-detached house and am currently in the process of buying the house next door (other half of the house). In time I intend to turn the 2 houses into 1 and therefore will eventually sell as 1 property when the time comes.
In order to raise some funds though, the short term plan is to rent out the house next door before combining the two. Am I liable for Capital Gain Tax when I sell the property (as mentioned above). If so, is the CGT between the period in which I rented it out only?
In order to raise some funds though, the short term plan is to rent out the house next door before combining the two. Am I liable for Capital Gain Tax when I sell the property (as mentioned above). If so, is the CGT between the period in which I rented it out only?
0
Comments
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When you sell the property it'll be your main home0
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Yes it will, but I will have owned 2 houses for a period of time and therefore made a gain. This causes me some concern as I cannot get a definitive answer to the question.0
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