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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 5329
Experience:  FCCA FCMA CGMA ACIS
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I own a 25% share in a property and until recently was

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I own a 25% share in a property and until recently was living there and paying council tax. I have now moved away & renting, I am now selling my 25% share, will this be classed as my main residence or will I be liable for tax when it is sold? If I move back until it is sold and pay the council tax would this help?
Many thanks

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

You are disposing of your sole or main domestic residence so Private Residence Relief (PRR) and this is granted automatically and relieves Capital Gains Tax (CGT) at 100%.

I do hope that I have been able to set your mind at rest on this matter.

Customer: replied 3 months ago.
Many thanks for your quick reply.
Is that regardless of if I live there or not?

Yes the Inland Revenue, as it was, lost this battle big time in the 70s trying to interpret the legislation as 'sole and main' instead of 'sole or main.' They even got the Ministry of Defence to publish a Defence Council Instruction on the subject and I arrived in Nepal to find the Garrison in uproar. A one line letter put them back in their box and the Instruction was cancelled; egg on everyone's face!

HMRC will still try this one on if they think the taxpayer will just roll over and pay up, don't!

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