{"id":110020,"date":"2019-08-19T19:15:17","date_gmt":"2019-08-19T12:15:17","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/i-want-to-sell-my-uk-home-can-i-avoid-capital-gains-tax\/"},"modified":"2019-08-19T20:02:48","modified_gmt":"2019-08-19T13:02:48","slug":"i-want-to-sell-my-uk-home-can-i-avoid-capital-gains-tax","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/i-want-to-sell-my-uk-home-can-i-avoid-capital-gains-tax\/","title":{"rendered":"I want to sell my UK home; can I avoid capital gains tax?"},"content":{"rendered":"


\nI\u2019m a Jersey resident and hear that if I live in my UK house for a year, I don\u2019t have to payQ I live in Jersey in the Channel Islands and am looking at selling a house in the UK that I have been renting out for more than 15 years. I have been told that if I were to live in my house in the UK for a year and then sell it, I would not be liable to capital gains tax. Or is it not that simple?RWA It\u2019s not that simple. And even if you did move in \u2013 and you made it genuinely your main home rather than a temporary residence for the purpose of avoiding tax \u2013 doing so would only reduce the capital gains tax (CGT) bill by a bit rather than eradicating it entirely. Making an ex-rental property genuinely your home \u2013 and HM Revenue & Customs won\u2019t just take your word for it \u2013 means that part of any gain you make when you come to sell will qualify for what\u2019s called \u201cprivate residence relief\u201d which means that the gain that relates to the period of time that it was your home (or 18 months if this is longer) is tax free. To work out how much of the gain would be tax free, you take the number of months you used the property as your home (or 18 if greater) and divide this by the number of months you owned the property which gives you the fraction of the gain that is tax free. So in your case, assuming you sell after 16 years\u2019 of owning and one year of living in the property, the fraction would be 18\/192 or, to put it another way, less than 10%. It will be even less than that when the rules change on 6 April 2020, when 18 goes down to nine. Continue reading…
\n
\nSource : theguardian.com
\nRead more…I want to sell my UK home; can I avoid capital gains tax?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

I\u2019m a Jersey resident and hear that if I live in my UK house for...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-110020","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-sCw","jetpack-related-posts":[{"id":147408,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uk-landlords-rush-to-sell-amid-fears-of-capital-gains-tax-rise-in-budget\/","url_meta":{"origin":110020,"position":0},"title":"UK landlords rush to sell amid fears of capital gains tax rise in budget","date":"October 16, 2024","format":false,"excerpt":"\r Rightmove says record 18% of homes for sale in September had previously been rented outLandlords in the UK appear to be selling up in record numbers, according to property website Rightmove, possibly driven by fears of a rise in capital gains tax (CGT) in this month\u2019s budget.Figures from the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":70442,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/is-capital-gains-tax-liable-on-an-inherited-property\/","url_meta":{"origin":110020,"position":1},"title":"Is capital gains tax liable on an inherited property?","date":"October 30, 2017","format":false,"excerpt":"\r For 15 years I\u2019ve never really lived in the property, and now I plan on selling itQ I retired 10 years ago and split my time between my holiday home in the Algarve for six months of the year and travelling in my motor home. 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