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

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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?

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 9 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?

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.

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