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Harris
Harris, Law Specialist
Category: Law
Satisfied Customers: 2739
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 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.