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Posted Sat, 02 Nov 2024 13:54:01 GMT by Marksbury
i bought and lived in my home for 11yrs. 2022 moved into a rental property to nurse daughter who has Long Covid. To fund this I rented out my home. The tenants have expressed an interest in buy it. As it is the only property I own will I pay CGT on the proceeds of the sale?
Posted Thu, 07 Nov 2024 14:28:22 GMT by HMRC Admin 34 Response
Hi,
As you have not lived in it for the whole period of ownership, CGT is likely. You can claim private residence relief for the period you lived in it to reduce any taxable gain.
HS283 Private Residence Relief (2024)
Thank you

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