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Posted Wed, 28 Aug 2024 20:12:13 GMT by James Street
I've lived in my residence since 1988 and inherited my late mother's house in 2019. The house, at the time I inherited it, was rented out and since then has been undergoing significant renovation. I am now in a position to move into this house, if I were to sell my current house which has been primary residence since 1988 - Would I be liable to pay CGT on the gain in property value? If yes, would this gain be from 1988 or since 2019 when I inherited the property. Many thanks
Posted Tue, 10 Sep 2024 13:50:25 GMT by HMRC Admin 19 Response
Hi,
Private Residence Relief should cover any gain arising from the disposal of your main residence, so that there is no Capital Gains Tax due.
If you move into the house you inherited and later dispose of it, you may have Capital Gains Tax to pay from the date you inherited it to the date it became your main residence. You can see guidance on Private Residence Relief here: 
HS283 Private Residence Relief (2024)
Thank you.

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