Capital Gains Tax on Multiple Properties

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    Capital Gains Tax on Multiple Properties

    Hi,
    Is Capital Gains Tax payable on a property - only when it is sold.

    Would this apply to multiple properties you owned and lived in at one time, ie you buy your first property, live in it as your main residence, then buy another property- make that your main residence, let out the first property, then buy a third property, make that your main residence, and let out the second, etc etc.

    CGT would only become payable if you ever sold one of the properties.

    Thanks

    #2
    Yes GCT is only payable when you sell one or any of your properties except the one you actually live in. Depending on the timing some of your properties may be exempt from CGT due to PPR and Letting Relief. Read HS 283 on the HMRC web site. Regards Peter

    Comment


      #3
      Ok Thanks.
      So capital gains tax only charge when you realise the gain, ie sell a property, and you wont know what the gain is until you sell it ... all makes sense.
      Thanks

      Comment

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