How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask TonyTax Your Own Question
TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15946
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
13905389
Type Your Tax Question Here...
TonyTax is online now

I am selling my family home,and clearing a mortgage that

Resolved Question:

I am selling my family home,and clearing a mortgage that stipulates only I or close family can live there.
Because of my work is live in tied accommodation and have never resided there myself.
Am I liable for capital gains tax. It was my mother's council house.
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.

Hi.

Can you tell me what type of tied accommodation you live in please. Are you taxed on an accommodatiion benefit?

Customer: replied 1 year ago.
I am a school caretaker and am required to live in a bungalow on the school site. No I pay rent and am not taxed on an accommodation benefit.
Expert:  TonyTax replied 1 year ago.

Thanks.

Take a look at the notes here and here.

If it was your intention to live in the property at some point, at least until you decided to sell it, you can nominate it as your main residence and pay no CGT. You would normally have to do that within two years of haiving more than one home. The cost of your property for CGT purposes is either the value when you inherited it or what you paid the council for it if you bought it from them.

I hope this helps but let me know if you have any further questions.

TonyTax and other Tax Specialists are ready to help you