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We will sell our principal private residence and then move

Customer Question

We will sell our principal private residence and then move into a flat we have owned and rented out. We will then sell that flat (as our only residence) and buy another property. Will we be liable for CGT and if so how to minimise it?
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.
Hi.

Whether you will have to pay CGT or not depends entirely on the facts and figures of your case. If you let me have the following information I'll do some calculations:

1 The month and year you bought the flat and what it cost to buy. Is it jointly owned?

2 The month and year you moved into it and the month and year you moved out if you have occupied it as your main home, if at all to date.

3 The month and year it was first let and when it ceased to be let (month and year).

4 The value of the flat now.

5 When will you move into the flat? How long do you intend to live in it?

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