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bigduckontax
bigduckontax, Accountant
Category: Tax
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I bought my house in 2008. I now wish to split it into three

Customer Question

I bought my house in 2008. I now wish to split it into three flats - sell two and live in the remaining one myself. Will I have to pay tax on the two sales?
Submitted: 2 years ago.
Category: Tax
Expert:  bigduckontax replied 2 years ago.
Hello, I am Keith, one of the experts on Just Answer, and happy to help you with your question.
As it is your sole or main domestic residence Private Residence Relief applies so this sale avoids Capital Gains Tax. Ensure that you sell within 18 months of starting conversions as you are deemed to be in occupation even if this is not the case.
I do hope that I have set your minds at rest in this matter.
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Expert:  bigduckontax replied 2 years ago.
Thank you for your support.