CGT when moving into my rental property

CGT Liability on second property

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If I sell my main residence and move into my rental property. Will I need to get a valuation on my rental property at this point to calculate the CGT on the rental property that has now become my main residence.

Many Thanks

Steve Harris

 

Replies (8)

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By johngroganjga
01st May 2024 11:53

No - the split between the periods when you are and are not occupying it as your main residence is done on a time apportionment basis over the whole period of your ownership. So its value at any intermediate date is irrelevant.

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Replying to johngroganjga:
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By Steve Harris
01st May 2024 12:42

Hi John,

Thank you for your response.
I think I should have said that up until now is has never previously been their main residence as it was bought as a buy to let property.

Regards

Steve

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Replying to Steve Harris:
By johngroganjga
01st May 2024 13:08

That was understood, and does not affect the answer I gave.

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Replying to johngroganjga:
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By Steve Harris
01st May 2024 14:09

Thanks

I'm with it now.

Regards

Steve

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Replying to johngroganjga:
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By Paul Crowley
01st May 2024 12:48

+1

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By David Ex
01st May 2024 11:57

I’d speak to an accountant to clarify the situation.

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By Martin B
01st May 2024 12:00

No

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RLI
By lionofludesch
01st May 2024 14:00

I vote no.

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