can i reclaim capital gains if i move in?

Gehngus

Hi.
I decided to try property development with a friend (buiness partner), 6 months ago we bought a house and spent a few months bringing it up to scratch.
it was so nice my wife decided she would like it.

so now we have found a buyer for the old house, i have arrange to buy out my business partners half from the sale proceeds of out current home and we are going to move in to the new one( at the end of june).

when my business partner and i bought the do-er upper we paid capitol gains as it was a second home/business.

with this now being a house purchase and only home (to be) should i still be paying capial gains or can i claim it back?
many thanks for any advice.

theartfullodger

Gehngus wrote: »

.....when my business partner and i bought the do-er upper we paid capitol gains as it was a second home/business......

Did you perhaps mean Stamp Duty at the higher rate?



capital letters are also available.. And also see
https://writingexplained.org/capital-vs-capitol



Suggest you buy a book on property taxes. There are at least 10 taxes a landlord/developer may end up paying.

Pixie5740

Gehngus wrote: »

Hi.
I decided to try property development with a friend (buiness partner), 6 months ago we bought a house and spent a few months bringing it up to scratch.
it was so nice my wife decided she would like it.

so now we have found a buyer for the old house, i have arrange to buy out my business partners half from the sale proceeds of out current home and we are going to move in to the new one( at the end of june).

when my business partner and i bought the do-er upper we paid capitol gains as it was a second home/business.

with this now being a house purchase and only home (to be) should i still be paying capial gains or can i claim it back?
many thanks for any advice.

Are you sure you paid Capital Gains Tax? CGT is paid when you dispose of an asset not when you buy one. Are you perhaps thinking of Stamp Duty Land Tax?

If so then your ability to reclaim the higher rate of SDLT which you will have paid depends on wether your business partner had interests in any other residential properties at the time of purchase.

Gehngus

Ah!
My mistake.. stamp duty.

Ill take a look at how write when not on my mobile. Thanks for the advice.

Gehngus

This was my first try with property. My Business partner has quite a few rental properties.
Thanks again.