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  • FIRST POST
    • ententecordiale
    • By ententecordiale 13th Jan 19, 3:06 PM
    • 22Posts
    • 12Thanks
    ententecordiale
    Buy to let Property and Capital Gains
    • #1
    • 13th Jan 19, 3:06 PM
    Buy to let Property and Capital Gains 13th Jan 19 at 3:06 PM
    Hi All,

    I have a buy to let property that is currently empty and am thinking of moving into. I'm trying to find out:

    a) Is there are reason why I can't live in my buy to let property as my main residence

    b) If I subsequently sell the buy to let will I have to pay capital gains

    Thanks for any input

    Regards
    Andrew
Page 1
    • 00ec25
    • By 00ec25 13th Jan 19, 3:23 PM
    • 7,489 Posts
    • 7,196 Thanks
    00ec25
    • #2
    • 13th Jan 19, 3:23 PM
    • #2
    • 13th Jan 19, 3:23 PM
    a) depends if you still have a BTL mortgage outstanding - have you read the T&C if you do? You'll see that living in it is a breach of mortgage conditions. Whether that bothers you is down to you.

    b) you cannot evade CGT, but you will get some tax relief for the period you live in it - if (huge if) it is genuinely your main home showing some degree of "permanence, continuity or expectation of continuity". And before you ask, it is not as simple as number of months - HMRC have won legal cases involving near on 2 years of "temporary" occupation

    read this for the calculation:
    https://forums.moneysavingexpert.com/showpost.php?p=73621764&postcount=2
    • ententecordiale
    • By ententecordiale 13th Jan 19, 4:35 PM
    • 22 Posts
    • 12 Thanks
    ententecordiale
    • #3
    • 13th Jan 19, 4:35 PM
    • #3
    • 13th Jan 19, 4:35 PM
    a) depends if you still have a BTL mortgage outstanding - have you read the T&C if you do? You'll see that living in it is a breach of mortgage conditions. Whether that bothers you is down to you.

    b) you cannot evade CGT, but you will get some tax relief for the period you live in it - if (huge if) it is genuinely your main home showing some degree of "permanence, continuity or expectation of continuity". And before you ask, it is not as simple as number of months - HMRC have won legal cases involving near on 2 years of "temporary" occupation

    read this for the calculation:
    https://forums.moneysavingexpert.com/showpost.php?p=73621764&postcount=2
    Originally posted by 00ec25
    Thanks a lot for the advice, much appreciated. I doubted it would have been that simple.
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