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Alan Bartlett
Posted: 01 April 2016 09:45:45(UTC)
#1

Joined: 05/10/2015(UTC)
Posts: 3
10 years ago we left the UK to go sailing, we sold our family home and since have bought 3 BTL properties.
We have now just returned to the UK and have just been given notice on one of the properties. My question(s) :
Could I now use this property as my principle residence and by doing could I avoid paying capital gains tax, if I could, how long would I need to keep it. With all the changes these past few months, I would like some advice.
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Alan Bartlett
Posted: 01 April 2016 14:51:05(UTC)
#3

Joined: 05/10/2015(UTC)
Posts: 3
We bought this property in July 2008.
We purchased in joint names
We have never occupied this property
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OAP
Posted: 01 April 2016 17:27:04(UTC)
#4

Joined: 05/02/2015(UTC)
Posts: 2

Was thanked: 2 time(s) in 2 post(s)
You need to live in it as your main residence. When you you sell it, the gain is pro-rated for the period it was not your main residence. You also get 18 months principal residence relief added to whatever period you were actually using it.

Search HMRC website for their guidance on this.
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Alan Bartlett on 02/04/2016(UTC)
James Burn
Posted: 03 April 2016 10:12:46(UTC)
#5

Joined: 13/03/2010(UTC)
Posts: 51

Thanks: 4 times
Was thanked: 27 time(s) in 21 post(s)
https://www.gov.uk/gover...rivate-residence-relief

note also letting relief will be available
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Alan Bartlett on 03/04/2016(UTC)
Alan Bartlett
Posted: 03 April 2016 10:21:40(UTC)
#6

Joined: 05/10/2015(UTC)
Posts: 3
I would like to thank you all for your input into my question.
I now have a much clearer understanding of my position.
Warm thanks. Alan
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