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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 9279
Experience:  FCCA FCMA CGMA ACIS
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Second opinion] I have sold my primary residence after

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second opinion] Hello,I have sold my primary residence after living in it for 5 years and then letting it out while I worked overseas for 9 years. After returning to the UK in March 2019 I rented a property for me and my family while me long term tennents were still in my flat. My tenants moved out in January 2020 and i used the property for mid week stays in London instead of commuting back to the family home. I sold the property 09/09/2020. It is my principle and only owned residence I have ever owned. I am keen to know if there is any CGT to pay on this. I understand that I am applicable for PRR for the time overseas? Does this mean I only need to pay CGT for the time which I was back in the Uk but not living there myself? I purchased the property for 188 in Oct 2005 and sold sept 2020 so 179 months. Capital gain was 242k. As I get the last 9 months relief from CGT do I only need to pay CGT on the period March 2019 to January 2020?Kind regards***** *****
JA: The Expert's answer will cost $10 to $100, depending on the issue type and time to respond. You'll see the exact amount on the next page and can decide then. It's way less expensive and more convenient than any face-to-face visit. When was the property or asset sold?
Customer: September 9 2020
JA: Anything else you want the Accountant to know before I connect you?
Customer: No

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

When youworked overseas were you in job related accommodation?

Customer: replied 8 days ago.
No, I was working in Sydney Australia and just rented private accommodation.
Customer: replied 8 days ago.
Hi by the way.

You will be liable for CGT for the period it was rented out. Take the total ownership ime in months [A]. Take the rented out time ditto . B / A expressed as a percentage will be the proportion of the gain exposed to tax at 18% or 28% or a combination of the two rates depending on your income including the gain in the tax year of disposal. You have a non cumulative Annual Exempt Amount (AEA) of 12.3K to offset any gain.

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Customer: replied 8 days ago.
Ok thanks for the response.

Delighted to have been of assistance.

Thank you for your support.