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 bigduckontax Your Own Question
bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4423
Experience:  FCCA FCMA CGMA ACIS
75394688
Type Your Tax Question Here...
bigduckontax is online now

I buy a house in 1983 and live in it as my sole residence

Resolved Question:

I buy a house in 1983 and live in it as my sole residence until 2015. I then let it for two years and sell it in 2017. What is the CGT situation, please?
Submitted: 2 months ago.
Category: Tax
Expert:  bigduckontax replied 2 months ago.

Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question.

Pretty minimal, I am pleased to say as for the last 18 months of ownership you are deemed to be in residence even if this is not the case and Private Residence Relief (PRR) is extended. So 0.5 / 288 = so say 0.2 of 1% of any gain will be exposed to CGT.

I do hope that you have found my reply of assistance.

Customer: replied 2 months ago.
Thank you Keith. You mention 288 i.e. presumably, this is 24 years. If so, shouldn't it be 408 i.e. 34 years?
Expert:  bigduckontax replied 2 months ago.

Calculated in months. I would not worry, by the time you have deducted your non cumulative Annual Exempt Amount (AEA) of 11.3K plus Lettings Relief (LR) up to 40K there will be no CGT to pay anyway.

Please be so kind as to rate me before you leave the Just Answer site.

bigduckontax and other Tax Specialists are ready to help you
Expert:  bigduckontax replied 2 months ago.

Thank you for your support.