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UKSolicitorJA
UKSolicitorJA, Solicitor
Category: Property Law
Satisfied Customers: 4312
Experience:  English solicitor with over 12 years experience
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URGENT QUERY - capital gain tax Hi, can you tell me how

Resolved Question:

URGENT QUERY - capital gain tax
Hi, can you tell me how long I would need to be living in a property before the law considers it as my main residence, and if I should sell it I won't be charge the capital gain tax please? Many thanks Terresa
Submitted: 3 years ago.
Category: Property Law
Expert:  UKSolicitorJA replied 3 years ago.
Hello,

If you have a second home, you may nominate which one is your main residence within 2 years of buying the second home.

May I help further?



Customer: replied 3 years ago.
I have already bought it ages ago but due to work I'd like to make the other one my main residence. Just want to know if that's the case how long I'd need to live there before it can be considered my main residence and if sold no cap gain tax.
Expert:  UKSolicitorJA replied 3 years ago.

You were required to have notified HMRC within 2 years of you purchasing or acquiring a second property.

There is no minimum time in which you have to live there, if you use it as your main home, you will qualify for private residence relief.

Does this clarify?





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