Hello everybody! My name is Thomas Dale. I would appreciate if someone could help me with one taxation issue I have. I would like to sell my house without having to pay the CGT. Now, what is CGT after moving into property six months before the actual sale? Am I still eligible for it? Thank you in advance.
Dear Thomas. I’m not quite sure if I understood your question properly. You’re asking if you are liable for CGT although you’ve been living in the property for six months. I’m not sure but I think that you are. As you may know, CGT has to be paid for every transaction that causes you some capital gain. However, you can get relief in case of selling your principal private residence. I think that you have to wait for two years after the nomination of the property as a PPR. So, you need to wait for more than a year. What you should do is go and see some expert who can give you more accurate information. I’m sorry I wasn’t more helpful. I wish you all the best.
