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CGT accountable while property not main residence?

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  • CGT accountable while property not main residence?

    A couple of years ago we purchased a second house which needed some finishing works to make habitable. We purchased on a BTL mortgage, with the intention of going into the rental market.

    However due to a change of plans we've decided to sell our own home and use the proceeds to pay off the mortgage on the second house. The plan is to live there in the short term (1-2 years) until we find something else. We have owned this property for 2 years, but has never been let during this time.

    So when we do eventually sell this second house, even though it would be declared as our PPR, how do we calculate the CGT that would be accountable for 2 year period starting from when we took ownership until the point we actually declare as PPR?

  • #2
    Re: CGT accountable while property not main residence?

    Hi Glengarry,

    What i would do is prove the property wasn't rented and you weren't earning any income and then just because it was a buy to let mortgage that doesn't meant it wasn't your primary residence. It should then stay free from the CGT.

    I had the same question from a client yesterday

    Ged
    http://www.premierexpatmortgages.com
    [email protected]

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