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Harris
Harris, Law Specialist
Category: Law
Satisfied Customers: 2295
Experience:  Family Law - Specialist in Divorce, Financial Relief and Children Matters
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I have just sold a house and need some advice on CGT. I have

Customer Question

I have just sold a house and need some advice on CGT. I have read the online guidance but do not think it quite covers my situation.
I bought house in 2001 for my parents to live in. They did not pay me rent. I did not live in this house.
I bought my own house (primary residence) in 2010.
I then sold the other house in 2014.
It does not seem right that I should be paying CGT for the whole period I owned this as I did not have another primary residence. However that seems to be the conclusion from the guidance.
Advice appreciated.
Submitted: 1 year ago.
Category: Law
Customer: replied 1 year ago.
Just realised, might be worth adding that I changed the house in Scotland to be in the name of my wife as well as me before we sold it (assuming that I can split any tax bill between us). Thanks
Expert:  Harris replied 1 year ago.
Hi, thanks for your question. I am a qualified solicitor.
Just need some clarification. Was the home that your parents lived in sold or the home bought in 2010 sold?
Harris, Law Specialist
Category: Law
Satisfied Customers: 2295
Experience: Family Law - Specialist in Divorce, Financial Relief and Children Matters
Harris and other Law Specialists are ready to help you
Customer: replied 1 year ago.
The house my parents lived in is the one that was sold. I think the one I live in is very clearly my primary residence since 2010.
Expert:  Harris replied 1 year ago.
Thanks. Between 2001 and 2010 where were you residing? What was your primary residence yhen?, and what were your terms of occupation?
Customer: replied 1 year ago.
I was living in rented accommodation in London. So I don't think I technically had a primary residence. I was working in an office in London; not sure i understand the question about terms of occupation.
Expert:  Harris replied 1 year ago.
From 2010 - 2014 you will be subject to CGT in relation to the home in Scotland.
However, from 2001-2010, from what I can see there are no exemptions you can rely on, despite you not having an alternative property as your "primary residence".
Customer: replied 1 year ago.
You mean I am subject to CGT for the whole period right? Sorry for the question but your "however" confused me. Thanks
Expert:  Harris replied 1 year ago.
Apologies for the confusion - CGT would be payable for the whole period.

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