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CGT on house rented out whilst abroad?
Ted_Bloke
Posts: 24,868 Forumite
Most gifts or sales of own house do not incur GCT (I think it's called Principal Private Residence exception).
Does anyone know if while living abroad for work purposes for practically all of a career, one bought one house in the UK with the intention of retiring there, and this intention is proved by then living there a number of years, the house having been rented out before return, considering that for reasons of work one could not have lived in it does it count as 'not having lived there' for the first period for CGT purposes at the moment of disposal whether by gift (to son who also lives there) or sale.
A reference to source of information would be helpful.
Does anyone know if while living abroad for work purposes for practically all of a career, one bought one house in the UK with the intention of retiring there, and this intention is proved by then living there a number of years, the house having been rented out before return, considering that for reasons of work one could not have lived in it does it count as 'not having lived there' for the first period for CGT purposes at the moment of disposal whether by gift (to son who also lives there) or sale.
A reference to source of information would be helpful.
Sorry my posts so long - not time write shorter ones.
0
Comments
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https://www.gov.uk/government/publications/private-residence-relief-hs283-self-assessment-helpsheet/hs283-private-residence-relief-2017--2
I think you will find PPR Relief is only applicable to your period of residence. Letting relief would also apply to the period it was rented.0 -
unless you are in the armed forces, there is no exemption from the requirement to occupy the property both before and after the period of absence. Your reference to "intention" to occupy is correct in certain circumstances, but not on the face of it based on the info you have so far given as you fail condition B:
https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg65030
https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg65040
https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg650460
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