Downsizing into our Buy to Let?
11:02 AM, 3rd July 2018, 8 years ago
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Hi All, we are thinking of downsizing into our buy to let that we have owned for 20 years and selling our residential house.
Initially I mentioned this to our accountant and he just laughed, could anyone please tell me how this would be treated tax wise.
Thank you
Maggie
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Member Since July 2013 - Comments: 305
11:02 AM, 4th July 2018, About 8 years ago
Reply to the comment left by Yvonne Francis at 04/07/2018 – 10:48
That’s interesting, my understanding was that if you moved in to a property previously let and it became your main residence there was no CGT to pay on eventual sale providing you still lived in the property at the time of the sale.
The contentious point was that HMRC would not give a definitive period as to how long you had to live in the property before it was deemed your main residence.
Member Since August 2015 - Comments: 342
11:34 AM, 4th July 2018, About 8 years ago
Reply to the comment left by Adrian Jones at 04/07/2018 – 11:02
If only Adrian, that would be an answer to a lot of my problems. The only way is to die and then you lose all CGT on everything.