Capital Gains Tax Query on Rental Property

jim_walton

I see now.  Once you rent your home it ceases to be your private residence. 

InMyDreams

As I understand it, renting it out or not it is irrelevant. What matters is where you live. If you are living somewhere else (whether you own or rent) then the first property (where you are not living any more) ceases to be your primary place of residence, regardless of whether or not you rent it out, and potentially becomes liable for CGT.

jim_walton

InMyDreams.  That’s a good explanation.  I can’t say I fully understand the rationale behind it though. I guess that the CGT allowance goes some way to balance things up.  Thanks again.  

jim_walton

I’ve just been through the HMRC CGT on property questionnaire and the CGT payable is frightening