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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 just sold a buy to let property I rented out 13

Customer Question

I just sold a buy to let property I rented out for over 13 years. I am thinking of buying another. Will that mitigate any capital gains and, if it does is there a time limit for concluding the new purchase
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.
Hi.

Assuming that the property you have just sold was not let as a furnished holiday let, I'm afraid that you will not be able to mitigate your CGT liability by buying another buy to let property.

There isn't much detail I can give as it's very straightforward. The government doesn't afford buy to let property owners much in the way of tax reliefs. If the property was ever your main home, then you will be entitled to some principle private residence relief and letting relief which you can read about in HS283 here.

I hope this clarifies your position but let me know if you have any further questions.