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Posted Mon, 29 Jan 2024 16:08:48 GMT by
I have purchased a third share of my parents property and up until 5 months ago, this was my main residence for the last 30+ years. I have now moved away and rent a house. My brother now wants to live in the area of the property I occupied and will be buying the third share. I purchased the share for £200k Ten years ago and will sell it for £300k (gain of £100k). My question is, now that I am renting and treat this new rental as my main residence, how long do I have to claim main residence relief on the gain from the sale of the third share? Is it too late already to claim or is there a limit, or does transferring the share to a family member (brother) have any kind of exemption from capital gain?
Posted Thu, 01 Feb 2024 09:39:18 GMT by HMRC Admin 25
Hi BackMeUp,
You would qualify for Private Residence Relief for the period you lived in the property plus the final 9 months.
As you have already left the property, you have 4 months left to finalise any sale without any Capital Gains Tax implications.
Thank you. 

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