CGT tax on previous rental property

funnymonkey

Good afternoon
 Can anyone help me please?
I have just sold my house of 15 years and moved into my flat which was a BTL and rented out for 10+ years. 
I understand that as it is now my main residence would I be subject to CGT if I were to sell it in the future as my long term plan is to sell up and move overseas?
Thank you very much in advance
Thank you

Slithery

funnymonkey said:

I understand that as it is now my main residence would I be subject to CGT if I were to sell it in the future

It's the fact that it's not been your main residence that makes you liable for CGT. The amount of time it is your main residence reduces the amount of CGT payable.

theartfullodger

Would you be subject to CGT if you sell it in the future?

That rather obviously depends on the CGT rules when you sell.  A since you, me, the chancellor of the Exchequer etc etc don't know there's no other answer than "Dunno".

But, given taxes will rise to pay for covid19 & Brexit, likely to get more painful

funnymonkey

I was using this as s guide so if I live in the BTL for at least a year then I won't pay any CGT
https://www.property-tax-portal.co.uk/how-to-use-the-ppr-exemption-to-legitimately-avoid-property-capital-gains-tax-by-amer-siddiq.shtml

dimbo61

That does not look like a GOV website.
So be very careful what you read.
You may still be liable to pay CGT when you sell.
Best to speak to your accountant and solicitor when you do sell the property

Slithery

funnymonkey said:

I was using this as s guide so if I live in the BTL for at least a year then I won't pay any CGT
https://www.property-tax-portal.co.uk/how-to-use-the-ppr-exemption-to-legitimately-avoid-property-capital-gains-tax-by-amer-siddiq.shtml

Incorrect. Try actually reading that site properly and you'll realise that as you have been letting the property for 10+ years none of the examples that it gives are relevant to your situation. You are likely to be facing a hefty CGT bill when you sell, and there is nothing you can now do to change that.
Anyhow, you should be looking at the actual government guidelines rather than a random website...
https://www.gov.uk/stamp-duty-land-tax

AnotherJoe

funnymonkey said:

I was using this as s guide so if I live in the BTL for at least a year then I won't pay any CGT
https://www.property-tax-portal.co.uk/how-to-use-the-ppr-exemption-to-legitimately-avoid-property-capital-gains-tax-by-amer-siddiq.shtml

I dont know why you'd use that as a guide as the examples dont apply to you.

Wishful thinking maybe?