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Buy to let Property and Capital Gains
ententecordiale
Posts: 69 Forumite
Hi All,
I have a buy to let property that is currently empty and am thinking of moving into. I'm trying to find out:
a) Is there are reason why I can't live in my buy to let property as my main residence
b) If I subsequently sell the buy to let will I have to pay capital gains
Thanks for any input
Regards
Andrew
I have a buy to let property that is currently empty and am thinking of moving into. I'm trying to find out:
a) Is there are reason why I can't live in my buy to let property as my main residence
b) If I subsequently sell the buy to let will I have to pay capital gains
Thanks for any input
Regards
Andrew
0
Comments
-
a) depends if you still have a BTL mortgage outstanding - have you read the T&C if you do? You'll see that living in it is a breach of mortgage conditions. Whether that bothers you is down to you.
b) you cannot evade CGT, but you will get some tax relief for the period you live in it - if (huge if) it is genuinely your main home showing some degree of "permanence, continuity or expectation of continuity". And before you ask, it is not as simple as number of months - HMRC have won legal cases involving near on 2 years of "temporary" occupation
read this for the calculation:
https://forums.moneysavingexpert.com/showpost.php?p=73621764&postcount=20 -
a) depends if you still have a BTL mortgage outstanding - have you read the T&C if you do? You'll see that living in it is a breach of mortgage conditions. Whether that bothers you is down to you.
b) you cannot evade CGT, but you will get some tax relief for the period you live in it - if (huge if) it is genuinely your main home showing some degree of "permanence, continuity or expectation of continuity". And before you ask, it is not as simple as number of months - HMRC have won legal cases involving near on 2 years of "temporary" occupation
read this for the calculation:
https://forums.moneysavingexpert.com/showpost.php?p=73621764&postcount=2
Thanks a lot for the advice, much appreciated. I doubted it would have been that simple.0
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