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TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 17620
Experience:  International tax
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Robin I just sold a former UK principal residence 25th

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Hi Robin
I just sold a former UK principal residence 25th March 2015. It was acquired 30 March 1990 so 25 years = 300 months. The net gain was 346500 i.e. 1155 per month. It was vacated and let for 5 years = 60 months prior to sale - so assuming the 18 month not 36 month rule applies - I have 60 months less 18 = 42 months = gain 48510 gain less 40k letting relief = 8510 - less CGT allowance = no net exposure - have I correctly understood ?
Hello,Yes, your fraction of the private residence relief is changed by the 18 month rule and your letting relief is allowed for the lower of the private relief claimed.The "gain arising by reason of letting" which is calculated by taking the number of years the property was let for multiplied by the total gain divided by the total number of years you owned the property.I beleive you have understood correctly
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