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taxadvisor.uk, Chartered Certified Accountant
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Do you have to pay capital gains on your main residence when

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Do you have to pay capital gains on your main residence when you sell it if you have let it out for a period of time.
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Kathy XXXXXXX
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Hello and welcome to the site. Thank you for yourquestion. As a general rule, any gain from sale of property ischargeable to capital gains tax. if the property in question is your only property or hasbeen your main residence at some point during the period of ownership, then youare entitled to private residence relief aginst the capital gain made. The reliefs you would be entitled to would be - privateresidence relief for the period the property was your main residence; - additionalrelief for the final 18 months of ownership, whether you live in the propertyor not provided it has been your main residence during some point;- letting relief if you let the private property that wasyour main residence at some point during the period of ownership. More information on private residence relief can be foundon this HMRC helpsheet HS283 here https://www.gov.uk/government/publications/private-residence-relief-hs283-self-assessment-helpsheet/hs283-private-residence-relief I hope this ishelpful and answers your question. If you have any other questions,please ask me before you rate my service – I’ll be happy to respond.
Expert:  taxadvisor.uk replied 1 year ago.
Hello and welcome to the site. Thank you for yourquestion. As a general rule, any gain from sale of property is chargeable to capital gains tax. if the property in question is your only property or has been your main residence at some point during the period of ownership, then you are entitled to private residence relief against the capital gain made. The reliefs you would be entitled to would be- privateresidence relief for the period the property was your main residence;- additionalrelief for the final 18 months of ownership, whether you live in the propertyor not provided it has been your main residence during some point;- letting relief if you let the private property that was your main residence at some point during the period of ownership. More information on private residence relief can be foundon this HMRC helpsheet HS283 here https://www.gov.uk/government/publications/private-residence-relief-hs283-self-assessment-helpsheet/hs283-private-residence-relief I hope this is helpful and answers your question. If you have any other questions,please ask me before you rate my service – I’ll be happy to respond.
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