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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15914
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I own three flats if I sell the one I live in do I pay capital

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I own three flats if I sell the one I live in do I pay capital gains tax on it.
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi. You should refer to HS283 for information on the main home and CGT. If you live in a property for the entire period of your ownership of it before you sell it, then you will pay no CGT. In fact, you have up to 18 months to sell a property after you have moved out which to the date you left it had been your main home for the entire period of ownership. If there have been periods when the property has not been your main home, then part of any gain you make on disposal may be taxable. If the property was let during any of those periods, the you may be entitled to letting relief which will reduce any part of the gain not covered by your occupation of it. Take a look at example 9 in HS283 to see how this works. I hope this helps but let me know if you have any further questions.
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