Wealth tax will I pay tax? [capital gains tax] [current place]

Q:Hello,
A year ago I moved out of my flat and re-mortgaged on a buy-to-let basis to fund the purchase of my . I've had tenants in for a year but now I need to sell up both places to relocate.
I have heard that if I sell up within 3 years of letting it that I would not be liable for . Does anyone know if this would be applicable to me?
Thanks in advance.


A:If you lived in it as your principle private residence then the time it was your home and the last 3 yrs of ownership [whatever it was used for] are exempt from CGT. So on the basis of what you've posted I don't believe you will be liable.
HMRC HELPSHEET (http://www.hmrc.gov.uk/pdfs/2003_04/capital_gains/ir283.pdf) here, see"Period of Ownership" on page 2.

Related posts

tags: ,
posted in mortgage by admin

Follow comments via the RSS Feed | Leave a comment | Trackback URL

Leave Your Comment

click to changeSecurity Code

 
Powered by Second Mortgage.