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CGT tax question

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HowAmIDoing
HowAmIDoing Posts: 1 Newbie
in House buying, renting & selling
Hi


I have searched the forum (and google!) but can't find an answer, so hoping someone here can clarify


I own one property but have not lived there for a few years . Am I liable for Capital Gains Tax when it gets sold even if I have not bought another property (I rent), or is it just once I have bought somewhere else that I will become liable?


Thanks

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  • silvercar
    silvercar Posts: 46,960 Ambassador
    Academoney Grad Name Dropper Photogenic First Anniversary
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    From the time it isn't your primary residence you could be liable to CGT. There are exemptions eg for the last 18 months of ownership, if it has been your home. A CGT allowance, if not used elsewhere. Letting relief if you let your property in your absence.
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