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Posted Mon, 15 Apr 2024 16:52:47 GMT by Greg Simmonds
I have lived in my current home for many years. I am thinking of having it refurbished soon and possibly one day moving out and renting it at some point in the future. If I were to sell my property after renting it out for some years, would CGT be applicable to the years that it was rented out or could I elect for it to be treated as my Principal Private Residence even while it was rented out? Also, under these circumstances could I offset the refurbishment costs against any future CGT liability even though I had subsequently rented it out and then either sold it or moved back for a while and then sold it?
Posted Tue, 23 Apr 2024 10:23:09 GMT by HMRC Admin 25
Hi Greg Simmonds,
You would be entitled to claim Private Residence Relief for the period that the property was your main residence, so that Capital Gains Tax is not charged for that period.
The period that you rent the property out for, does not qualify for Private Residence Relief, so Capital Gains Tax may be payable.
Please have a look here for more information:
HS283 Private Residence Relief (2024) Updated 6 April 2024
Thank you. 

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