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Capital Gains Tax on property
advicerequired2024
Posts: 4 Newbie
Hi, I am hoping someone can help me with a CGT question...
I purchased a property in 2015 and lived there as my main residence, I ended up moving in with my new partner and renting it out in 2022 for 1 and a half years, the remaining time just over a year was spent fixing the damage caused by the tenant and then listing for sale. for my primary residence am I allowed to take into account the last 1.5 years as although not living there I was paying all bills and council tax etc.
I purchased a property in 2015 and lived there as my main residence, I ended up moving in with my new partner and renting it out in 2022 for 1 and a half years, the remaining time just over a year was spent fixing the damage caused by the tenant and then listing for sale. for my primary residence am I allowed to take into account the last 1.5 years as although not living there I was paying all bills and council tax etc.
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No, not if you didn't live there after the works.advicerequired2024 said:Hi, I am hoping someone can help me with a CGT question...
I purchased a property in 2015 and lived there as my main residence, I ended up moving in with my new partner and renting it out in 2022 for 1 and a half years, the remaining time just over a year was spent fixing the damage caused by the tenant and then listing for sale. for my primary residence am I allowed to take into account the last 1.5 years as although not living there I was paying all bills and council tax etc.
You are exempt for the time it was your home and the last 9 months of ownership, calculated linearly. Also you have a CGT allowance if not used elsewhere.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Thanks, even though I was paying the bills as if living there so not actually making any "gains" ?silvercar said:
No, not if you didn't live there after the works.advicerequired2024 said:Hi, I am hoping someone can help me with a CGT question...
I purchased a property in 2015 and lived there as my main residence, I ended up moving in with my new partner and renting it out in 2022 for 1 and a half years, the remaining time just over a year was spent fixing the damage caused by the tenant and then listing for sale. for my primary residence am I allowed to take into account the last 1.5 years as although not living there I was paying all bills and council tax etc.
You are exempt for the time it was your home and the last 9 months of ownership, calculated linearly. Also you have a CGT allowance if not used elsewhere.0 -
You weren’t residing in the property therefore you can’t claim it was your main residence.advicerequired2024 said:
Thanks, even though I was paying the bills as if living there so not actually making any "gains" ?silvercar said:
No, not if you didn't live there after the works.advicerequired2024 said:Hi, I am hoping someone can help me with a CGT question...
I purchased a property in 2015 and lived there as my main residence, I ended up moving in with my new partner and renting it out in 2022 for 1 and a half years, the remaining time just over a year was spent fixing the damage caused by the tenant and then listing for sale. for my primary residence am I allowed to take into account the last 1.5 years as although not living there I was paying all bills and council tax etc.
You are exempt for the time it was your home and the last 9 months of ownership, calculated linearly. Also you have a CGT allowance if not used elsewhere.0
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