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Barb E Dahl

2 Properties - One Renting & One Buying

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Renting my main residence and the one I want to buy, is to do up (and make a BIG profit). Would I have to pay Capital Gains Tax, even though I am only renting my main residence?

Thanks

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Renting my main residence and the one I want to buy, is to do up (and make a BIG profit). Would I have to pay Capital Gains Tax, even though I am only renting my main residence?

Thanks

how can you rent your main residence...main residence surely means its where you live, mainly.

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how can you rent your main residence...main residence surely means its where you live, mainly.

I am renting from my landlord and intend to live here permanently.

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Renting my main residence and the one I want to buy, is to do up (and make a BIG profit). Would I have to pay Capital Gains Tax, even though I am only renting my main residence?

Thanks

to get the principal private residence exemption you actually have to live there. but not for long. provided it has at some point been you PPR then the gains of the last three years are exempt.

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to get the principal private residence exemption you actually have to live there. but not for long. provided it has at some point been you PPR then the gains of the last three years are exempt.

Great! Thanks for your reply Grizzly. So as long as I make out I'm living there (as my main residence) all should be fine! :D

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Great! Thanks for your reply Grizzly. So as long as I make out I'm living there (as my main residence) all should be fine! :D

You are Hazel Blears and I claim my £5 ;)

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Renting my main residence and the one I want to buy, is to do up (and make a BIG profit). Would I have to pay Capital Gains Tax, even though I am only renting my main residence?

Thanks

You are always liable to CGT on (at least) all of you properties except one.

If you don't live in any of them then you are liable on all of them.

Though you can play with reliefs so that the liability is reduced to zero.

tim

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