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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 10275
Experience:  FCCA FCMA CGMA ACIS
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We have owned a three bedroom house since 2009. It is and

Customer Question

We have owned a three bedroom house since 2009. It is and has always been our only property. We lived in the property until 2012 when I took a new job for which I was provided with tied accommodation (I was responsible for management of a boarding school). We decided to let out our property and have done so ever since. In 2020 I took on a new job as Principal of a new group of schools requiring us to move to a different part or the country. We are currently renting while we look to sell our property to buy. My question is whether we are required to pay CGT on any capital gain from selling the property. I think I received advice previously that, because I had to live in tied accommodation in my previous role that we would not be liable for CGT even if we let out our property. The advisor at the time pointed to some HMRC provision that confirmed this but I cannot now find it.
JA: What are the assets or property for this capital gain?
Customer: A three bedroom house
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: We have owned a three bedroom house since 2009. It is and has always been our only property. We lived in the property until 2012 when I took a new job for which I was provided with tied accommodation (I was responsible for management of a boarding school). We decided to let out our property and have done so ever since. In 2020 I took on a new job as Principal of a new group of schools requiring us to move to a different part or the country. We are currently renting while we look to sell our property to buy. My question is whether we are required to pay CGT on any capital gain from selling the property. I think I received advice previously that, because I had to live in tied accommodation in my previous role that we would not be liable for CGT even if we let out our property. The advisor at the time pointed to some HMRC provision that confirmed this but I cannot now find it.
Submitted: 17 days ago.
Category: Tax
Expert:  bigduckontax replied 17 days ago.

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

As you are provided with job related accommodation Private Residence Relief (PRR) is extended until you vacate that accommodation so although there might be a liability to CGT, PRR relieves it at 100%