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    • new_owner
    • By new_owner 14th Jul 17, 4:38 PM
    • 211Posts
    • 75Thanks
    new_owner
    Second home and capital gains tax help
    • #1
    • 14th Jul 17, 4:38 PM
    Second home and capital gains tax help 14th Jul 17 at 4:38 PM
    Hello,

    Sorry if this is in the wrong spot.

    I am trying to understand capital gains tax on property.

    If I was to buy a second property now with a mortgage and use it as a summer home and when I come to retire move in to this house and nominate it as my main residence and sell my current house within 18 months am I liable for capital gains tax?

    Most of the articles I read are about selling buy-to-let or the second house. Trying to plan for retirement and looking at all the options.

    I would not be looking to rent out the second home if this makes any difference.

    Thank you
    Last edited by new_owner; 14-07-2017 at 4:41 PM. Reason: Spelling
Page 1
    • silvercar
    • By silvercar 14th Jul 17, 4:47 PM
    • 37,225 Posts
    • 156,843 Thanks
    silvercar
    • #2
    • 14th Jul 17, 4:47 PM
    • #2
    • 14th Jul 17, 4:47 PM
    If I was to buy a second property now with a mortgage and use it as a summer home and when I come to retire move in to this house and nominate it as my main residence and sell my current house within 18 months am I liable for capital gains tax?
    Not if the home you are selling has been your principal private residence for the whole time you have owned it until 18 mths or less before you sell it.
    • new_owner
    • By new_owner 14th Jul 17, 5:00 PM
    • 211 Posts
    • 75 Thanks
    new_owner
    • #3
    • 14th Jul 17, 5:00 PM
    • #3
    • 14th Jul 17, 5:00 PM
    Thank you very much.

    So would this second home (Now only home) be liable for CGT on my death? As I would have only had it as my primary residence for part of the ownership?
    • silvercar
    • By silvercar 14th Jul 17, 5:29 PM
    • 37,225 Posts
    • 156,843 Thanks
    silvercar
    • #4
    • 14th Jul 17, 5:29 PM
    • #4
    • 14th Jul 17, 5:29 PM
    There is no CGT on death. Full stop.
    • new_owner
    • By new_owner 14th Jul 17, 5:57 PM
    • 211 Posts
    • 75 Thanks
    new_owner
    • #5
    • 14th Jul 17, 5:57 PM
    • #5
    • 14th Jul 17, 5:57 PM
    Thank you... Very helpful.
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