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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 10247
Experience:  FCCA FCMA CGMA ACIS
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Do I have to pay capital gains tax if I sell my main home,

Customer Question

Do I have to pay capital gains tax if I sell my main home, which is on rent
JA: What are the assets or property for this capital gain?
Customer: 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: Capital gains tax if selling my main home which is on rent, would like to move to a larger property
Submitted: 5 days ago.
Category: Tax
Expert:  bigduckontax replied 5 days ago.

Yes, you will be liable to Capital Gains Tax (CGT) to reflect the period the property was let out less the last 9 moths when you will be deemed to be in residence even if this is not the case.

Customer: replied 5 days ago.
I friend if o transfer property if will be not entitled to pay cgt, cause its my only home
Customer: replied 5 days ago.
My friend said if i transfer my property if will be not entitled to pay cgt, cause its my only home
Expert:  bigduckontax replied 5 days ago.

He is correct save that as it was let out then a liability to CGT arises.

Customer: replied 5 days ago.
CustomerTax Professional
He is correct save that as it was let out then a liability to CGT arises., sorry don't understand what u mean, if u can say in different way please
Expert:  bigduckontax replied 5 days ago.

You let out your sole or main domestic residence. Thus for the period it was let out a liability to CGT is created.