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CGT query; was letting, now moving in

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  • CGT query; was letting, now moving in

    Hi all,

    we are about to sell our main residence, where we have lived for around 10 years.
    During that time we have been letting out previous home, a jointly owned flat.

    As we're going to be "homeless" for 6-12 months, till we find the next place, we're considering moving into the old flat.

    So, the question is this; if we move (lock, stock and barrel) into the old flat for "a few months" and later move out, sell, and purchase a new property, does this wipe the slate clean for CGT?
    If it does, is there a minimal period that we need to live there for this to be 100% treated as our primary residence?


  • #2
    Re: CGT query; was letting, now moving in

    Sorry - this is me just enabling emails on any replies


    • #3
      Re: CGT query; was letting, now moving in

      You're exempt from CGT on your main residence. If you're renting instead, this may complicate matters with HMRC as you are obviously not living there!


      • #4
        Re: CGT query; was letting, now moving in

        Thanks Brian, but I possibly didn't explain myself properly.

        We're currently living in our main residence, will sell that shortly, so there's obviously no CGT on that.
        The question is that, if we move into another property that we've owned for 13 years, but been letting in all that time, is CGT payable when/if we finally move out of it and sell it?
        In other words, how long do you need to live somewhere for it to be officially recognised as your "main residence"?



        • #5
          Re: CGT query; was letting, now moving in

          CGT is a bit of a minefield - see WHERE DO YOU LIVE? CGT MAIN RESIDENCE RELIEF ON MORE THAN ONE HOME | General | Tax Articles for example - and you probably need advice from a tax accountant, rather than a conveyancing solicitor
          This is based on my experience as a conveyancing solicitor in England, but I do not accept liability for information I give in this forum