I currently own property and it’s my main residence. I am going to buy a second property which can be residential. I have to decide which one will be my main residence for Capital Gain Tax purposes. Please inform me about CGT on second property which I decided to be residential. Thank you in advance. Any suggestion is appreciated.
According to the question of main residence for CGT purposes, this is the place which is registered for voting, paying full council tax and where you receive your post. At any time only one property can be qualified for CGT exemption and main is often the one with the most chargeable gains and it’s always the advice when you nominate property. Only one property for CGT exemption purposes are allowed to married couples.
