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TaxRobin
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 15973
Experience:  International tax
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Could you please settle a slight argument, I am having with

Resolved Question:

Could you please settle a slight argument, I am having with a friend, and that is I moved and sold my previous flat, and made some money on it . Could you pleas tell me as to whether or not do I have pay tax on it or not.
Submitted: 2 years ago.
Category: Tax
Expert:  TaxRobin replied 2 years ago.
Hello and thank you for allowing me to assist you.
You would not pay tax on the sell if this was your primary residence. If you dispose of a dwelling house (which can include a house, flat, houseboat or fixed caravan) which is your home you may be allowed full relief on the gain.
You will be entitled to full relief where all the following conditions are met:
the ‘dwelling house’ has been your ‘only’ or ‘main residence’ throughout your ‘period of ownership’;
you have not been absent, other than for an allowed period of absence or because you have been living in ‘job-related accommodation’, during your ‘period of ownership’;
the ‘garden or grounds’ including the buildings on them are not greater than the ‘permitted area’;
no part of your home has been used exclusively for business purposes during your period of ownership.
Hope that assists you with your argument.
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