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Property/DIY

CGT if sell 2nd home but then buy another one?

2 replies

orienteerer · 23/02/2010 18:46

We still own my flat from singleton days, obviously not our "main residence". I know I'm subject to CGT if I sell it, but what happens if I sell and then immediately buy another property? I'm kind of assuming I'm still liable to the CGT?

OP posts:
roquefort · 23/02/2010 19:04

You are correct to assume that still liable to CGT - you will still get some relief if it was your main residence at some point. If that is the case the last 36 months also count and you get some lettings relief and the annual exemption. The amount you will have to pay may not be as much as you think. You need professional advice to do the calculation.

orienteerer · 23/02/2010 19:18

Thanks roquefort, that's what I thought. It was my main residence for 4.5 years and has been let for approx 10 years so as you say the bill is probably not as bad as I originally thought. OK, now to decide whether to hold on to it or sell!

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