What happens if you have two Main residences for 15 years. One property is a family home and another is a flat in another city for work which was purchased due tona lomg term project. During this period both properties have neve been rented out. The highest value property has been nominated as the main home ( for obvious reasons) . The other property is also a residential property. Im aware i won't pay CGT on the main home. How about if i decide to sell the second residential property? Do i still pay CGT even though its never been rented out since purchase and purely used as a second residence? Look forward to hearing your views! Thanks
You can only nominate one main residence. Therefore, the flat would be subject to capital gains tanks in full. I am sorry to be the bearer of bad news.🥲
@UK-Property-Tax-Accountants Sorry what i meant was the following scenario below .... I sell the main residence...which is CGT free.. ( straightforward) After selling i then move to the second property which will now be my new only main residence.. If after say 5 years I sell this newly assigned main residence. Do I still pay CGT? Note that throughout this period i have never rented it out. Looking forward to hearing from you
@Dipo_Miller you are probably best to book a tax consultation with your accountant all with us to go through the details rather than relying on what someone might say on social media. Any mistake could be costly on both sides.
This is not going to be an easy question to answer on a TH-cam forum. You will need to provide your accountant with the specific details for them to calculate the capital gains tax exposure.
What woud you do ? I am planning to sell my property in Uk i have it 10 years I used to live there for first 4 years. From 2018 is rented and i live abroad . I am not thinking to go back to UK . Can i sell it and avoid any CGT ?
@@UK-Property-Tax-AccountantsSo after selling cacculate tax to pay , do not pay it and stay abroad for minimum 6 years ? ( I am not planning to back anyway )
Hi lived in my house for 22 years im thinking of renting it out for 5 years while i live abroad if i come back and live in it for a year then sell will i have cgt to pay
What happens if you have two Main residences for 15 years. One property is a family home and another is a flat in another city for work which was purchased due tona lomg term project.
During this period both properties have neve been rented out. The highest value property has been nominated as the main home ( for obvious reasons) . The other property is also a residential property.
Im aware i won't pay CGT on the main home. How about if i decide to sell the second residential property? Do i still pay CGT even though its never been rented out since purchase and purely used as a second residence?
Look forward to hearing your views!
Thanks
You can only nominate one main residence. Therefore, the flat would be subject to capital gains tanks in full.
I am sorry to be the bearer of bad news.🥲
@UK-Property-Tax-Accountants
Sorry what i meant was the following scenario below .... I sell the main residence...which is CGT free.. ( straightforward)
After selling i then move to the second property which will now be my new only main residence..
If after say 5 years I sell this newly assigned main residence. Do I still pay CGT? Note that throughout this period i have never rented it out.
Looking forward to hearing from you
@Dipo_Miller you are probably best to book a tax consultation with your accountant all with us to go through the details rather than relying on what someone might say on social media. Any mistake could be costly on both sides.
I am thinking to retire and sell my main residence but will have about 120k profits from sale... I am thinking leaving the uk , do i pay tax ?
Not if you have always lived in the house
How much CGT one has to pay in UK for selling a property outside UK when one becomes non-resident in UK?
This is not going to be an easy question to answer on a TH-cam forum. You will need to provide your accountant with the specific details for them to calculate the capital gains tax exposure.
What woud you do ?
I am planning to sell my property in Uk i have it 10 years I used to live there for first 4 years.
From 2018 is rented and i live abroad . I am not thinking to go back to UK . Can i sell it and avoid any CGT ?
You can sell it but you would need to calculate the CGT that is payable within 60 days of sale
@@UK-Property-Tax-AccountantsSo after selling cacculate tax to pay , do not pay it and stay abroad for minimum 6 years ? ( I am not planning to back anyway )
@user-mx9xq9iu3e no, that is not the way it works. Please get advise as HMRC can chase you international
❤❤❤very informative 🎉🎉🎉
Thank you, most kind of you to say 🙏
Interesting - many thanks
You are very welcome 🙏
Hi lived in my house for 22 years im thinking of renting it out for 5 years while i live abroad if i come back and live in it for a year then sell will i have cgt to pay
Please get done tax advice before you do anything on this one
@@UK-Property-Tax-Accountants thank you