Avoid CGT on only property?
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kean
Apprentice
Joined: 29 Dec 2008
Posts: 4
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 Posted: 12/13/11 - 11:29 Post subject: |
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| Hi. Can you please give me some help? Three years ago I left the United Kingdom and upon doing so I rented out my property. Now I want to sell the same and only property I own. But I would really want to avoid having to pay Capital Gains Tax on it. I know that moving back to the property and then selling it has something to do with this, but I am not quite aware of the details? Could you give some additional info? |
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arney
Apprentice
Joined: 29 Dec 2006
Posts: 4
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| Posted: 01/12/12 - 02:10 Post subject: |
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| Yes, moving back to your property as your main residence wil help you enormously. You will get letting relief for properties if you live there, when you sell the place. This Principal Private Residence (PPR) Relief will count for all the time you have lived there, meaning that for this period you will not be charged CGT. |
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