I am selling my previous primary residence which I bought in Sept 2001 and moved out in Sept 2011 . Since then I put that one for rent . Now selling that property . Two questions - Since I am selling within 3 years after moving out am I liable for Capital Gains Tax ? Secondly with the sale , after paying the mortgage , the remaining amount do I have to put in my current mortgage ( which is now my primary residence) to avoid capital gains tax ? or can I use that money for something else. Your suggestions much appreciated.
UK capital gains tax
- Thread starter karan
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Becky
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As long as the residence was your principal private residence at some point, then you are deemed to have lived there for the final 36 months of ownership when calculating whether principal private residence relief is available. So it looks like any gain may be covered by the relief in full - therefore no CGT 
The second question is therefore not relevant, but might be worth mentioning that by re-investing the gain it wouldn't have prevented a CGT charge from arising, if there had been one.
More info on Principal Private Residence here, which I'd recommend you read: HM Revenue & Customs: Capital Gains Tax relief on your own home
The second question is therefore not relevant, but might be worth mentioning that by re-investing the gain it wouldn't have prevented a CGT charge from arising, if there had been one.
More info on Principal Private Residence here, which I'd recommend you read: HM Revenue & Customs: Capital Gains Tax relief on your own home