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TonyTax
TonyTax, Tax Consultant
Category: Tax
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I wonder if you can help me. I am buying a property

Resolved Question:

Hi,
I wonder if you can help me.
I am buying a property so that my mother can live in it.
I also currently own a property with my boyfriend where we both live. We are also in the process of selling that property as we are going to rent for a while so that we can decide where to next live.
Will I need to pay Capital Gains if I sell my current property with my boyfriend as I am buying another property for my mother?
Many thanks
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi. When there is a change in your combination of homes which might qualify for main residence relief, you have two years to make an election for one of the properties to be treated as your main home for CGT purposes but you do have to have spent time in both. You don't have to make such an election and so long as you sell your current home within 18 months of moving out there can be no CGT to pay provided it has been your main home from the time you bought it until you sold it or moved out, selling it within 18 months. Take a look at HS283 for more information on the main residence and CGT. I hope this helps but let me know if you have any further questions.
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15760
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
TonyTax and other Tax Specialists are ready to help you
Customer: replied 1 year ago.

Thank you that is very helpful

Expert:  TonyTax replied 1 year ago.
Thanks.

I'd be grateful if you'd rate my answer before you leave the site. Thanks again.

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