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TonyTax, Tax Consultant
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I used to live in a property years, I sold that property

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I used to live in a property for 16 years, I sold that property last year, prior to the sale I had obtained planning permission for part of the land, this part of the property I kept, I have since built a bungalow on this land, I own no other property, if I decide to sell the bungalow am I subject to Capital Gains tax ? how long would I have to live in it to negate this tax if it is applicable
Submitted: 8 months ago.
Category: Tax
Expert:  TonyTax replied 8 months ago.
Hi. Assuming you moved into the property as soon as it was ready, that your intention was not to build the new property and sell it for a quick profit and you live in it for a reasonable period before selling it (I would recommend a year at least though there is no prescribed time frame), then any gain should be free from a a Capital Gains Tax liability. If you live in the property for a short period, you risk HMRC taking an interest and possibly trying to make a case that your intention was not to make the property your home but to make a quick profit. They might even say that you had traded as a property developer. A year spent in the property where you give the impression of your intention to stay there permanently should negate that possiblity. 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: 15763
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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