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Answered in 14 minutes by:
3/31/2010
Tony Tax, Tax Consultant
Category: UK Tax
Satisfied Customers: 16,712
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
VerifiedIf you buy another home and rent out your existing main home you will have up to 36 months to sell it before CGT becomes an issue you have to consider. Only the gain for the period after that which is worked out as a proportion of the gain for the whole period of ownership will potentially be taxable subject to the rules being the same then as they are now.
Even then, as the property will have been both your main home and let, you will be entitled to a relief called letting which is the lesser of £40,000, the gain for the period the house was your main home plus the gain for the last 36 months of ownership and the letting period gain as reduced by the overlap with the final 36 months of ownership. Take a look here for more information.
If you need further clarification, please let me know.
Even then, as the property will have been both your main home and let, you will be entitled to a relief called letting which is the lesser of £40,000, the gain for the period the house was your main home plus the gain for the last 36 months of ownership and the letting period gain as reduced by the overlap with the final 36 months of ownership. Take a look here for more information.
If you need further clarification, please let me know.
Tony Tax, Tax Consultant
Category: UK Tax
Satisfied Customers: 16,712
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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