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Ash
Ash, Solicitor
Category: Property Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I had a flat that I lived in years, I moved out nearly

Resolved Question:

I had a flat that I lived in for 16 years, I moved out nearly a year ago and I'm currently renting it out. Please can you confirm, when I eventually sell it, will I have to pay capital gains tax or income tax or because it was my residential property will I be eligible for any exemptions?
Submitted: 2 years ago.
Category: Property Law
Expert:  Ash replied 2 years ago.
Hello my name is ***** ***** I will help you.
Do you own any other property?
Customer: replied 2 years ago.
Yes I do.
Customer: replied 2 years ago.
Yes I do. I have a primary residence and another investment property
Expert:  Ash replied 2 years ago.
You are entitled to gain free if it was your primary residence for the last three years. If it less than that you will get 1/36 tax relief for every month it was.
Can I clarify anything for you about this today please?
Alex
Ash and other Property Law Specialists are ready to help you
Expert:  Ash replied 2 years ago.
Hi
I am just following up to see if there is anything else I can help with?
If this answers your question might I ask you to rate my answer before you go today please, the button should be at the bottom of the screen.
If you need more help please click reply.
Alex
Customer: replied 2 years ago.

Thank you for your response but I need further clarification - So does that mean, the longer I rent it out, the less tax relief I will get on it. Therefore if I rent it out for the next 5 years, I will have to pay capital gains on the two years it was not my primary residence?