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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4995
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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Would i need to pay Capital gains tax in the below

Resolved Question:

Would i need to pay Capital gains tax in the below scenario...
Sold my only property in March 2016
Gains before allowances = £45k
Owned property for 65 months
Lived away from home for the last 47 months due to job location
Rented property out for most of the 47 months
I am in the 40% higher income tax band
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.

Thank you for your question.

I will revert to you with CGT calculations shortly.

Many thanks

Expert:  taxadvisor.uk replied 1 year ago.

Thank you for your patience.

You are correct in your understanding that absences totalling not more than 4 years qualify for private residence relief provided

- the distance from your place of work prevents you living at home, or

- your employer requires you to work away from home in order to do your job effectively

More information on this is covered in helpsheet HS283 (look at period of absence after example 6) here

https://www.gov.uk/government/publications/private-residence-relief-hs283-self-assessment-helpsheet/hs283-private-residence-relief-2016

There will be no CGT payable, therefore no calculations provide.

I hope this is helpful and answers your question.

If you have any other questions, please ask mebefore you rate my service – I’ll be happy to respond.

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