How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Sam Your Own Question
Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 13938
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
16196420
Type Your Tax Question Here...
Sam is online now

If I bought a house and I send it within 2 years after purchased,

Resolved Question:

If I bought a house and I send it within 2 years after purchased, will I need to pay Capital Gains tax? Somebody told me that it is free within two years time, is it correct?
Submitted: 2 years ago.
Category: Tax
Expert:  Sam replied 2 years ago.
Hi
Thanks for your question - I am Sam and one of the UK tax experts
IF the property has been your main residence throughout its ownership, and you then move out - then you have 18 months from the date you move out - to sell and NOT incur a capital gain (or the last 18 months of ownership if the sale takes place more than 18 months later) but these are the only time this exemption applies.
Thanks
Sam
Sam and other Tax Specialists are ready to help you