Sale of second property

tully · Apprentice Joined: 30 Nov 2004 Posts: 7

Hi there people. My name is Spencer and I would like to know something about tax implications in case of sale of second property. I am the owner of a house in which I live with my family and a flat that I rent out. I would like to sell that flat, so I would like to know what tax obligations will I have. Thank you for your posts.

clevey · Apprentice Joined: 05 Aug 2005 Posts: 9

Hello to you too, Spencer. Here is the thing. You become liable for capital gains tax when you sell the property. Then you can, and you probably will, make some profit in the form of capital gain. That capital gain has to be taxed. You can claim PPR relief, but only on one piece of property. So, if you want to sell your second home, you cannot claim PPR relief. You could switch your PPR nomination but then you will have to wait for two years, and to live in that house, before you can get CGT exemption. That would be all from me. I hope that I explained this matter to you. Bye!

mjmark · Apprentice Joined: 07 Sep 2011 Posts: 3

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