djphillips1408 Posted March 10, 2012 Report Share Posted March 10, 2012 I own a property that is currently tenanted but intend to sell it in about a year. The capital gain on it would be around 80k. I understand that I have my 10k allowance and if my wife is also on the mortgage then I understand that gives a further 10k, however I did live in the property for 3 years out of the 10 that I have owned it, but not within the last 4 years. I lived there for one year then a gap and then a further 2 years, does this have any impact on the final gains figure that I would have to pay? If I wanted to avoid paying anything I assume that I need to return to the property and live there for around one year? Which brings a hypothetical question, if I was registered as living there and picked up all the bills then how would that pan out? I of course appreciated this is very much on the naughty side ...... Link to comment Share on other sites More sharing options...
Melboy Posted March 10, 2012 Report Share Posted March 10, 2012 HMRC have one of their compicated formulae for calculating your answer to your question. 4 years definitely puts you out of the equation though and it is very unlikely you can claim for principle residence relief. I believe you have to live in your main residence for 2 years but you need to check on this. I think you need to consult with a good tax advisor on the best way ahead for your situation. Mel. Link to comment Share on other sites More sharing options...
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