Re: How to avoid CGT on a house sale?
- From: Peter Saxton <peter@xxxxxxxxxxxxxxxxx>
- Date: Mon, 17 Jul 2006 08:58:46 +0100
On 16 Jul 2006 18:43:39 -0700, still_the_same_me@xxxxxxxxxxx wrote:
Hi,
I'm currently an ex-pat, with a flat in the UK that has been rented out
for about 5 years (not 100% continuously, but nearly). It is very
unlikely that I'll return to live in that flat long-term, although it
is reasonably likely that I'll come back to the UK in a few years.
What would I have to do in order to avoid CGT liability on the flat, if
I don't sell until after returning? Is there any chance of claiming
exemption as my primary residence, since I have no other UK address? If
it was worth my while for tax purposes, I could probably live there for
a little while after returning, but not for years on end.
The obvious alternative is to sell while I'm away. This should be fully
exempt, I believe (I'm about to pass the 5 year threshold for that).
But I don't really want to do that, both due to the effort involved and
its value as an investment/hedge against house price rises. It's only a
small flat in a cheap area, and the tax bill is unlikely to be very
large.
James
There's various reliefs to take into account:
Annual allowance
Letting relief
Taper relief
Last 3 years
Owner or spouse employed abroad if PPR before and after
Any 3 years if PPR before and after
--
Peter Saxton from London
peter@xxxxxxxxxxxxxxxxx
.
- References:
- How to avoid CGT on a house sale?
- From: still_the_same_me
- How to avoid CGT on a house sale?
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