CGT and Lettings Relief on Let to Rent scenario

richar03

Morning All,

I am alarmed by the Chancellor's budget proposals to remove lettings relief. I bought my flat in 2000 for £67k and lived in it until 2011. It's now valued at £167k. I then let it out due to moves for work and I have been renting myself ever since. I did not buy a second property.

It feels really unfair to me to have to pay CGT on the sale of my flat after April 2020, since it is the only property that I own.

Am I missing something?

SuperHan

richar03 wrote: »

Morning All,

I am alarmed by the Chancellor's budget proposals to remove lettings relief. I bought my flat in 2000 for £67k and lived in it until 2011. It's now valued at £167k. I then let it out due to moves for work and I have been renting myself ever since. I did not buy a second property.

It feels really unfair to me to have to pay CGT on the sale of my flat after April 2020, since it is the only property that I own.

Am I missing something?

There are different rules if you move due to work and are prohibited from going back to your flat because of work.

See https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg65040 which may help!

richar03

Thank you for taking the time to point me towards these hmrc pages. I'll have a good read through.