My second home was previously my first home is now for sale. Is CGT due if no profit is made.

GDB2222

bluearco_92 said:

Thank you all for the replies.
In my logic I thought that if I had sold the flat 15 years ago for £100k when it was my main home I would not have paid any capital gains tax becuase it was my main home. Is this correct ?
I am now selling it 15 years later at the same price so there has been no taxable gain on the amount I would have received when it was sold as my main home. So if there is no gain in the property value from when it was my main home then I was thinking there would be no capital gain tax to pay ?
The propoerty is in my sole name.
Your feedback would be very much appreciated.

Sadly, your way of thinking is not the way parliament thought about it when drafting the tax legislation.

sheramber

The flat did not sell for £100k 15 years ago so maybe that value wasoverpriced.  Maybe it would have sold for  less than that.

bobster2

bluearco_92 said:

Thank you all for the replies.
In my logic I thought that if I had sold the flat 15 years ago for £100k when it was my main home I would not have paid any capital gains tax becuase it was my main home. Is this correct ?
I am now selling it 15 years later at the same price so there has been no taxable gain on the amount I would have received when it was sold as my main home. So if there is no gain in the property value from when it was my main home then I was thinking there would be no capital gain tax to pay ?
The propoerty is in my sole name.
Your feedback would be very much appreciated.

Some of the replies have already explained why your logic is not correct.@_Penny_Dreadful's post in particular sets out the correct calculations.

Not sure what more feedback you need? Your assumptions are simply not correct. You have a taxable gain.

bluearco_92

Thank you Penny Dreadful and Bookworm that was very helpful . I will apply the facts and calculate the CGT.