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UKSolicitorJA
UKSolicitorJA, Solicitor
Category: Law
Satisfied Customers: 4312
Experience:  English solicitor with over 12 years experience
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Dear Sir/Madam I have a second home that I wish to sell

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Dear Sir/Madam

I have a second home that I wish to sell in order to purchase a more expensive property. Unfortunately I have owned this for about 2.5 years and now realise that I should have nominated it as my main residence. The property has risen in value by around £300,000. Is there anyway around this problem? I am a higher rate tax payer.
Submitted: 3 years ago.
Category: Law
Expert:  UKSolicitorJA replied 3 years ago.
Hello,The 2 year clock starts ticking from the time you started residing in the second property, not from the time you bought it, so,if you started residing in it less than 2 years ago, you may still get away with electing it as your main residence now before selling it.The other option is to purchase or rent a third property for you to reside in, make the election before selling off your second property.This information may helphttp://www.nortonaccountancy.co.uk/news/main-residence-election-save-capital-gains-tax-on-second-homes/Can I help further?