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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I currently live in a flat that I bought in June, 1976, and

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I currently live in a flat that I bought in June, 1976, and resided in same since the date of purchase. My father died a year ago and his house was given to me as a gift with reservation in 1999 on condition that I paid my brother & sister 1/3 each of the house valuation in 1999 on the death of the last parent, payment has been made to both. The house has remained unoccupied since his death, but is being refurbished by me to suit my needs and that work will be completed fairly soon. I intend moving from my mortgage free flat into my fathers house in early spring and from that date will considered my permanent residence. Because my flat is small and cluttered, I intend taking some time to tidy it up do some cosmetic work to make it more attractive to potential buyers, and intend putting it on the market later on this year. Do I have any capital gains tax liability at the point of sale ?
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your question.please clarify for me ..Are you referring to likely cgt liability on sale of the flat that has been your main residence since purchase? Many thanks
Customer: replied 1 year ago.
Yes
Customer: replied 1 year ago.
The bot***** *****ne really is will I have any capital gains tax to pay when I sell my flat which I have lived in since 1976, although at the time of sale it will not be my permanent residence because I will have moved to my fathers house.
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your prompt reply.All the time you had the flat as your main residence, this period is covered by private residence relief and therefore exempt from CGT.Secondly, the final 18 months of ownership always qualifies for relief whether you live in it or not provided the property has been your main residence for some time during the period of ownership.Taking the above into account, there will be no CGT liability on sale of the flat provided you sell it within 18 months of moving out.More information on private residence relief can be found here (HS283)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.
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4879
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
taxadvisor.uk and 2 other Tax Specialists are ready to help you
Expert:  taxadvisor.uk replied 1 year ago.
I thank you for accepting my answer.
Best wishes

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