CGT - Rental Properties

SueC_2

I suspect that the answer to this will be that I need to seek professional advice, which I am fully prepared to do, but just wondered if anyone can give me the heads up on where I stand with this, and if there is a 'better' means of approach.


In 1996 I bought a flat, which I lived in for 8 years before renting it out. It has been rented out ever since. Situated on the outskirts of London, it has increased considerably in value.


I then bought and sold another property, before buying a house in 2017. I lived in this for just under a year before renting it out and moving in with my partner. It is in the North West and is unlikely to have gained in value.



The house we live in, and the mortgage on it, are in my partner's name.


In the fullness of time I wish to sell my two properties which will allow me to buy into his.


I know I will be subject to CGT, but my head explodes when I try to get into the detail and work out if there is a 'best' way of achieving this. If beneficial, I could move back into the house in the North West, but not really the flat in London.


Any advice gratefully received. Thank you.

00ec25

if you sell before April 2020 you will be able to PARTLY reduce the gain by claiming both private residence relief and letting relief

if you sell after April 2020 you can't

to explain all the possible permutations and the calcualtions will take more than I am willing to write here

Just go see the tax adviser you intend to see for the details

SueC_2

Thanks for your time. I hadn't realised that the rules are changing next year, so that's a very good steer. And nice to know that I was correct in thinking I need professional advice. :beer: