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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 7968
Experience:  FCCA - over 40 years experience as a qualified accountant (UK based Practitioner)
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I bought a flat in 2001. I lived in it till 2013 at which

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I bought a flat in 2001. I lived in it till 2013 at which time I married and moved in with my wife. My son continued to live in the flat. If I sell it now, do I pay CGT on the total it has increased in value?
JA: Have you talked to a tax professional about this?
Customer: No
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: No

Hello and welcome to JustAnswer. I’mCustomer a UK qualified accountant. Reviewing your question and will respond to you shortly.
Many thanks

Thank you for your question.

As the property was lived in as main residence at some point during period of ownership, you will be entitled to following reliefs when you sell the property

- private residence relief for period property was lived in as main residence (2001 to 2013)

- additional relief final 9 months of ownership

Rest of period of ownership will not be covered by any relief and this portion will be subject to CGT after gains annual allowance of £12,300

More information on private residence relief on hs283 here

https://www.gov.uk/government/publications/private-residence-relief-hs283-self-assessment-helpsheet/hs283-private-residence-relief-2021

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.

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Customer: replied 5 days ago.
Thanks. Given the flat is only in my name, does that mean I cannot use my wife annual allowance also?

I thank you for accepting my answer.

As the flat is in your sole name, only you can have gains allowance.

I'm glad I could help you resolve this today. Please follow up here if you have any other questions.

Best wishes.