Scottish Elises

selling one, not been lived in by me since nov, rented out since. When does cgt kick in?

thanks in advance

http://www.hmrc.gov.uk/leaflets/cgtfs1.htm#b13

HTH

http://www.hmrc.gov.uk/helpsheets/ir283.pdf

Greg - If it's owned by you and your other flat is in her name/joint names- you may be able to claim it as your Principle place of residence

That aside - if you were in the flat for the couple of years prior to November - you will get away with not having been in it for a for the last 7 months - as the last 36 months prior to disposal are always deemed periods of residence and you are allowed periods of absence to claim it a your PPR and avoid all CGT.

Really need more detail to give you the right answer
PM me if you want more info




Edited - mistype

RDH

as the last 3 months prior to disposal are always deemed periods of residence

I thought it was the last 36 months under the deeming provision so Greg would get total relief????

Titanium S1 111S (gla) wrote:RDH

as the last 3 months prior to disposal are always deemed periods of residence

I thought it was the last 36 months under the deeming provision so Greg would get total relief????

Yep the final 36 months are deemed residences - so you're Ok - provided you can prove you actually lived there as your PPR for a reasonable period - thought to be at least a year.

see, complicated stuff!

so, if it was bought in July '05, lived in 'till Nov '06 and say sold in August '07, there should be no CGT?

Shouldn't be - AFAIK.

Rob ( non tax accountant)

That's what I understood.

Not any kind of accountant (so don't know what I'm talking about).

On the bright side it looks like no tax