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Waiting time for CGT
Mick061261
Posts: 7 Forumite
good morning, I’m in the process of buying the house next to mine as it’s been modernised etc. I realise that as a second home it will attract top rate of stamp duty which I have 3 years to claim back.
my question is, if I change the land titles and move part of my existing garden and garage over to the new property, when it subsequently becomes my only property and my residence, would I be charged cgt if I later sold part of my newly acquired garden.? I’m planning on living in the new house till the end so if cgt liability diminishes over time, what is this rule please?
your help is grately appreciated👍
my question is, if I change the land titles and move part of my existing garden and garage over to the new property, when it subsequently becomes my only property and my residence, would I be charged cgt if I later sold part of my newly acquired garden.? I’m planning on living in the new house till the end so if cgt liability diminishes over time, what is this rule please?
your help is grately appreciated👍
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Comments
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That would depend on CGT rules & regulations WHEN YOU SELL. £5 to an agreed charity if you know of any 100% guaranteed mechanism to establish those rules today: Governments are always changing tax rules...1
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point taken, at this moment in time how do the rules work?theartfullodger said:That would depend on CGT rules & regulations WHEN YOU SELL. £5 to an agreed charity if you know of any 100% guaranteed mechanism to establish those rules today: Governments are always changing tax rules...0 -
Suggest you post your question on the Cutting Tax Board for more informed responses.1
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