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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 7397
Experience:  FCCA - over 40 years experience as a qualified accountant (UK based Practitioner)
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I would like advice on CGT please, No, It is relation to my

This answer was rated:

I would like advice on CGT please
JA: Have you talked to a tax professional about this?
Customer: No
JA: Anything else you want the Accountant to know before I connect you?
Customer: It is relation to my primary residence. I have lived here for 3 years but only last month re registered the title with the land registry

Hello and welcome to JustAnswer. I am here to help you.

Please clarify for me..

- You say you have lived at your primary residence for 3 years - were you living in the property as a tenant or living with some one.

- When did you acquire the property
Many thanks

Customer: replied 13 days ago.
We have owned the land since November 2017. We lived on site in a caravan until last December, while we were converting the barn on site. We split the barn into 2 houses. And last month registered the half of the barn we live in as its own property with the land registry

Thank you for your reply.

For CGT purposes the acquisition date of property would be last month i.e. Oct 2020. You may have owned the land for past three years.

My aim is to give you a professional service. I hope this is helpful and answers your question.

If you need more assistance, please use the reply box below and let me know. It has been my pleasure to assist you with your question.

Customer: replied 13 days ago.
we're now thinking of selling the house but want to check how long we need to wait to be exempt from capital gains
Customer: replied 13 days ago.
am I right in thinking we need to wait 18 months before we can sell?

Thank you for your reply.

As you are selling the property that has been your primary residence from date of acquisition then your gain would be covered by private residence relief and no CGT payable.

You don't have to live in the property for 18 months to get PRR.

I hope this is helpful and answers your question.

Customer: replied 13 days ago.
Thank you. So in affect we can sell say next year and we would not be charged CGT?

Thank you for your reply.

You can sell the property you are living in next year and gain would be exempt from CGT as private residence releif would cover it.

If there are no other issues I will appreciate if we could regard this question as been answered.

Many thanks

Customer: replied 13 days ago.
Thank you very much

Thank you for your kind words.

Please remember to rate my service at the top of the screen before you leave JA today.

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Best wishes.