Capital Gains Tax!

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Capital Gains Tax!

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fergusfife

Posts: 1
Joined: 7/1/2003

Capital Gains Tax!

We currently own 2 properties, one which (Y) we are renting out was our main residence for 9 years. The second is now our main residence (X) and we have lived there for 1 year. We are now contemplating a self build but will need to sell our main property to finance the build (property X is worth 5 times Y). Would i be liable to pay capital gains tax on X? Or, if i changed principle residence would i get around this?
We are looking to build in two to three years time

Report Abuse | Date 1/7/2003 7:59:00 PM

Guest

Capital Gains Tax! (in reply to fergusfife)

You will not have to pay CGT when you dispose of your home if all the following conditions are met.

Throughout the period that you owned it, it was your only home.
You did actually use it as your home all the time that you owned it.
Throughout the period that you owned it, you did not use it for any purpose other than as a home for yourself, your family and no more than one lodger.
The house and garden do not exceed 5,000 square metres (about one and a quarter acres - roughly the size of a football pitch).
Even if not all of these conditions are met, you may still be entitled to relief against all or part of the gain.

0

Report Abuse | Date 2/7/2003 5:13:00 PM

simhar

Posts: 96
Joined: 5/4/2007

RE: Capital Gains Tax! (in reply to fergusfife)

There's a really great new software package that can take the hassle out of the CGT stuff - its called Properite Landlord Software - you can buy online at Properite

Report Abuse | Date 3/5/2007 7:14:19 AM

radsysltd

Posts: 7
Joined: 24/7/2007

RE: Capital Gains Tax! (in reply to fergusfife)

You can buy the best uptodate 2007 tax guides to buying property as an individual or as a company and how ot reduce your tax bill to a minimum at:

http://www.taxcafebooks.co.uk/index.php?id=11219

Kind Regards

Charles

http://www.best4property.co.uk
the property resource and news directory

Report Abuse | Date 24/7/2007 9:38:24 PM