CGT Query

Illbeback

I've been in tied housing (with the job) for 10.5 years.  In that time I rented out my house.  I am due to retire in a couple of months.  I would like to move back into the house (the renters are leaving anyway), do it up and then sell the house.  I reckon it will take me a year to do this.  Once I sell, will I still be liable for CGT although it is my principal home?

Olinda99

yes but pro-rata gain

Say you let it for 9 years  and then lived in it for 1 year

CGT would be calculated on 9/10 of the gain over the 10 year period

theartfullodger

You will be liable for CGT , there is allowance for time you genuinely resided there 

https://www.whitegates.co.uk/guides/landlord/capital-gains-tax-buy-to-let/#:~:text=If you are in the,capital gains tax on property.

sheramber

theartfullodger said:

You will be liable for CGT , there is allowance for time you genuinely resided there 

https://www.whitegates.co.uk/guides/landlord/capital-gains-tax-buy-to-let/#:~:text=If you are in the,capital gains tax on property.

There is exemption  when living in tied housing

https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg64555

Bookworm105

Olinda99 said:

yes but pro-rata gain

Say you let it for 9 years  and then lived in it for 1 year

CGT would be calculated on 9/10 of the gain over the 10 year period

OP states it is tied housing which implies it is "job related" accommodation and therefore PRR is maintained on the other property even though it may be rented out anyway given the intention to re-occupy the latter