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How Long Must You Live Somewhere Before It Is Considered Your....
12 Answers
.....main residence for capital gains purposes?
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The same site says,
"You don’t pay Capital Gains Tax when you sell (or ‘dispose of’) your home if all of the following apply:
you have one home and you’ve lived in it as your main home for all the time you’ve owned it
you haven’t let part of it out - this doesn’t include having a single lodger
you haven’t used part of it for business only
the grounds, including all buildings, are less than 5,000 square metres (just over an acre) in total
you didn’t buy it just to make a gain
You don’t need to do anything. You’ll automatically get a tax relief called Private Residence Relief.
If you don’t meet all these criteria you may have to pay some Capital Gains Tax.
"You don’t pay Capital Gains Tax when you sell (or ‘dispose of’) your home if all of the following apply:
you have one home and you’ve lived in it as your main home for all the time you’ve owned it
you haven’t let part of it out - this doesn’t include having a single lodger
you haven’t used part of it for business only
the grounds, including all buildings, are less than 5,000 square metres (just over an acre) in total
you didn’t buy it just to make a gain
You don’t need to do anything. You’ll automatically get a tax relief called Private Residence Relief.
If you don’t meet all these criteria you may have to pay some Capital Gains Tax.
If it is your only home / house then one day
but the capital gain on selling this early will be nil
If you are married only one house can be counted as home for both and whichever one it is should be deemed formally in a letter to the taxman within 24 m
If you have moved out and let it then it is your first home up to the day your have let it - thereafter it will be subject to CGT - so a valuation on the day of move would be useful ( can be secured retrospectively ) and the gain from that date used in computation
first £11 000 exempt from CGT
and I think there is no charge for the first three years
it is somewhere on the govt site
the solicitor selling the house is obliged to inform the tax man of all large transactions ( ie all nowadays )
but the capital gain on selling this early will be nil
If you are married only one house can be counted as home for both and whichever one it is should be deemed formally in a letter to the taxman within 24 m
If you have moved out and let it then it is your first home up to the day your have let it - thereafter it will be subject to CGT - so a valuation on the day of move would be useful ( can be secured retrospectively ) and the gain from that date used in computation
first £11 000 exempt from CGT
and I think there is no charge for the first three years
it is somewhere on the govt site
the solicitor selling the house is obliged to inform the tax man of all large transactions ( ie all nowadays )
there is this bit
https:/
start here
https:/
it is roughly as I said
https:/
start here
https:/
it is roughly as I said
this is what the taxman uses himself
https:/
andif you crawl thro them
at the end you will know an AWFUL lot about CGT
https:/
andif you crawl thro them
at the end you will know an AWFUL lot about CGT
suitable calculation here
https:/
https:/
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