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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5028
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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My wife and I are going to sell our main residence. We have

Customer Question

My wife and I are going to sell our main residence. We have owned a property for nineteen years that has always been let part furnished. We are thinking of moving into the let property when we sell our main residence. What are the tax implications?
Submitted: 4 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 4 years ago.

Hello and welcome to the site. Thank you for your question.

Any gain made from sale of property that has been your main residence throughout the period of ownership would be exempt from Capital Gains Tax as this gain would be covered by Private Residence Relief.

When you move into the let property and make it your main residence, all period covered as main residence would again be covered by private residence relief.

More information on Private residence relief can be found on HMRC helpsheet HS283 here
http://www.hmrc.gov.uk/helpsheets/hs283.pdf

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

Expert:  taxadvisor.uk replied 4 years ago.

Hello Christopher

I notice you have viewed my response to your original question on tax implications on selling your main residence and moving into your property that has been let for past nineteen years (JACUSTOMER-nbsmyw90- Last Viewed on 10/10/2013 at 14:45).

Just checking to see if you have any issues relating to your question that I may not have addressed. Please let me know if I can be of further assistance.

If you are happy and there are no more issues I will appreciate if you would kindly rate the service I provided to ensure I get paid for it.