UK Landlord Forum / Life

Hi all

For a number of years due to overall financial constraints, I contributed to live with my parents whilst the house I had bought was put on rent

Now I've agreed a sale for the house and the CGT bill has come. The plan was to sell the house and use money from it to buy a better house and live in it

Based on this, can anyone confirm if I would still have to pay the full amount because it's not my main house even though it's my only house ?

Thanks
Haroon

Quote from: Haroon on August 16, 2022, 08:47:46 AM
Now I’ve agreed a sale for the house and the CGT bill has come.

Where has the CGT bill come from?  CGT is self-declared with HMRC.

Who worked out your CGT liability?

Sorry that was a figure off speech, there is no bill as of yet, just my calculations using an online calculator

Quote from: Haroon on August 16, 2022, 08:47:46 AM
Based on this, can anyone confirm if I would still have to pay the full amount because it's not my main house even though it's my only house ?

The rules are straightforward.

You will get Private Residence Relief for any period where you might legitimately claim it was your it was your 'main' home. For example did you pay council tax before the first tenant moved in? And during periods, if any, between tenants?

You will not be eligible for Lettings Relief.

You will get Private Residence Relief for the last 9 months, even if it was still rented out.

https://www.gov.uk/tax-sell-property

https://www.gov.uk/tax-sell-home/let-out-part-of-home