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Selling former main residence to get the CGT relief
Jonathan432
Posted: 28 July 2023 14:52:05(UTC)
#1

Joined: 30/07/2013(UTC)
Posts: 100

Just after a quick search online as a total novice, it appears that if I move out of my main residence and rent it out for a period of time, this proportionately reduces my CGT relief on sale, which will only apply to the years when I was actually resident in the property.

Ideally I’d like to keep it and rent it out, but purely from a CGT relief perspective, does anyone have experience of selling their former main residence sooner rather than later in order to get the maximum CGT relief?

Will talk it all through with my accountant, but would be great just to get some feedback from others on what they've done in similar situations.

Many thanks!


tonyC64
Posted: 31 July 2023 20:53:45(UTC)
#2

Joined: 13/04/2021(UTC)
Posts: 1

Was thanked: 1 time(s) in 1 post(s)
we did exactly this, paid an extra 3% stamp duty on current property
two years later sold our previous residence

submitted info to HMRC via their portal, took less than 5 mins - they didn’t actually ask for any evidence, which I thought was odd, but I suppose they check it behind the scenes

anyway, took approx two weeks for them to review and transfer the monies into our account

a nice surprise was seeing that the extra stamp duty had accumulated some interest (albeit a poor rate) over the period!
1 user thanked tonyC64 for this post.
Jonathan432 on 18/08/2023(UTC)
Lex Further
Posted: 10 November 2023 20:25:17(UTC)
#3

Joined: 18/09/2021(UTC)
Posts: 181

Have you made your final decision yet, or is it still in progress? When faced with decisions like these, I've always found it beneficial to seek guidance from a professional advisor. In my case, acima customer service has been the invaluable assistance I need. Their expertise and support can make navigating such situations much smoother. If you're still contemplating your decision, reaching out to a professional advisor or utilizing services like Acima's customer support could provide the clarity and assistance you're looking for.
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