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Second home and capital gains tax help
new_owner
Posts: 238 Forumite
Hello,
Sorry if this is in the wrong spot.
I am trying to understand capital gains tax on property.
If I was to buy a second property now with a mortgage and use it as a summer home and when I come to retire move in to this house and nominate it as my main residence and sell my current house within 18 months am I liable for capital gains tax?
Most of the articles I read are about selling buy-to-let or the second house. Trying to plan for retirement and looking at all the options.
I would not be looking to rent out the second home if this makes any difference.
Thank you
Sorry if this is in the wrong spot.
I am trying to understand capital gains tax on property.
If I was to buy a second property now with a mortgage and use it as a summer home and when I come to retire move in to this house and nominate it as my main residence and sell my current house within 18 months am I liable for capital gains tax?
Most of the articles I read are about selling buy-to-let or the second house. Trying to plan for retirement and looking at all the options.
I would not be looking to rent out the second home if this makes any difference.
Thank you
0
Comments
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If I was to buy a second property now with a mortgage and use it as a summer home and when I come to retire move in to this house and nominate it as my main residence and sell my current house within 18 months am I liable for capital gains tax?
Not if the home you are selling has been your principal private residence for the whole time you have owned it until 18 mths or less before you sell it.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Thank you very much.
So would this second home (Now only home) be liable for CGT on my death? As I would have only had it as my primary residence for part of the ownership?0 -
There is no CGT on death. Full stop.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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Thank you... Very helpful.0
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