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Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 13937
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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What is the capital gains position when a property was classed

Resolved Question:

What is the capital gains position when a property was classed as commercial and occupied by a limited company owned by the owner of the building
The property was then converted in to a residential home and will be occupied by the owner and will be his main residence
Is there any cgt after the conversion
Submitted: 1 year ago.
Category: Tax
Expert:  Sam replied 1 year ago.
Hi No - the capital gain will only arise after the sale in the future which then takes into account the conversion costs and use of premises for its life span So there would be a considered gain from the time of purchase to the conversion date (or the date it becomes the main residence) Thanks Sam
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