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JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 11425
Experience:  30 years as a practising solicitor.
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I bought my property in 2006. i paid 104000. i have lived in

Customer Question

i bought my property in 2006. i paid 104000. i have lived in this for 8 years. i have let my property out for the last 2 years. i am thinking of selling it now. the market price is 25000. as l only let it out for the last 2 years do i have to pay capital gain tax. or can i move back in it for 6 months like a lot of people have told me there will be no capital gain tax is this true.
Submitted: 1 year ago.
Category: Law
Expert:  JGM replied 1 year ago.

Moving in for six months won't make a difference. However the last 18 months of ownership are discounted when assessing private residence relief so only six months of your time owing the property would be subject to capital gains tax so that is 6/120 months x the gain x your current tax rate. If that is less than the £11,100 CGT allowance there will be no tax to pay. I hope that helps. Please leave a positive rating so that I am credited for my time.