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Capital Gains Tax
jolittlejohnhotmail
Posts: 4 Newbie
in Cutting tax
Hello there,
We have a small holiday cottage in Yorkshire which we bought last year and have been using it solely for ourselves. We have decided we want to move to Yorkshire permanently, but will need a bigger property. Our main residence is in Suffolk. If we sell our main home and move into the cottage whilst we are looking for another property, how will we stand with CGT?
Any advice would be much appreciated.
We have a small holiday cottage in Yorkshire which we bought last year and have been using it solely for ourselves. We have decided we want to move to Yorkshire permanently, but will need a bigger property. Our main residence is in Suffolk. If we sell our main home and move into the cottage whilst we are looking for another property, how will we stand with CGT?
Any advice would be much appreciated.
0
Comments
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Your current home will be exempt from capital gains tax as it was your main residence throughout.While the cottage will be your main residence when you move to it, what is the current ‘profit’ since it was purchased one year ago?0
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