Capital Gains tax

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    Capital Gains tax

    Hello,

    I purchased a property for around 200K in 2010. I temporarily lived there, albeit for only a month so I do not think I can gain any relief for that period of residence. However it has been let ever since and in January 2014 I will be moving back there for at least 6 months, until I upgrade to a bigger property to live in.

    I was wondering about my capital gains tax relief and also about the PPR relief?

    How much tax would i be liable for if lets say I sold the property after Aug 2015 with a selling price of 350K?

    Regards

    #2
    It is unlikely that your temporary occupation of the property will qualify for PPR relief.

    If no PPR relief, then no Lettings Relief either.

    I assume you mean January 2015?

    Have you read HMRC's Help Sheet HS283 on the subject?

    http://www.hmrc.gov.uk/helpsheets/hs283.pdf

    Comment


      #3
      Hi,

      Yes I meant to say that I will be moving back into the property 2015, for a period of at least 6 months. After this time I would be able to claim PPR and lettings relief right?

      Comment


        #4
        A year (or longer) would be preferable.

        Nor should the property be listed for sale or letting with any Estate Agents.

        Council Tax, bank statements, utilities etc should all go to this address.

        Comment


          #5
          And, when you move back to your home - your intention was/is that it is going to be your 'permanent residence', later on, say after a year - you then changed your mind and decided you wanted to move. If you do go down this route - as stated by King-Maker, all documentation relating to utilities, banking etc and most importantly the electoral is updated to confirm your address.

          Comment

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