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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15940
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I have just sold my second home. Never rented it and has always

Customer Question

I have just sold my second home.
Never rented it and has always been just another second home.
Now can i elect this to be his main residence now.
Bought the property in the 60’s.
still remain in my main residence.
any help appreciated.
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.
Hi.

I'm afraid that the election for a property to be treated as your main residence has to be made within two years of the change in the number of properties you have available to use as a home. In the absence of that, the main residence will be decided on the facts. Take a look here for more information on the main residence and CGT.

For CGT purposes, you should use the 31 March 1982 value of the second property in the calculation of the gain.

I hope this helps but let me know if you have any further questions.