Sell or let - trying to get my head round it

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Apr 2nd 2015, 3:55 am

#16

priceycheese

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Re: Sell or let - trying to get my head round it

Quote:

Originally Posted by IlAlfie

The UK govt changed the rules on capital gains on property that you rent out in April 2014 that was your former home. Properties sold after that time only receive 18 months of the private residence relief thingy, not 3 years as previously, before attracting capital gains. So if you do rent then sell, don't leave it for too long.

Really? Do you have an HMRC link about this? According to what I read under 'Period of ownership' on page 3 of this document there is still 36 months relief. This is a December 2014 publication: https://www.gov.uk/government/upload...3679/hs283.pdf

I ask because I may need to sell NOW if what you say is correct!

Apr 2nd 2015, 9:45 am

#17

christmasoompa

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Re: Sell or let - trying to get my head round it

Quote:

Originally Posted by priceycheese

I can't see a date on it, but it does say that it's for the tax year 2013-2014, so not relevant to this tax year. This is about the change which was announced in 2013 - https://www.gov.uk/government/upload...iod_relief.pdf

But that was for tax year 2014-2015, and I thought that from April 2015 onwards private residence relief was effectively being scrapped for foreign owners? I may well be wrong though and have to admit that finance isn't my strong point, hopefully somebody with more knowledge will chime in soon.

Good luck.

Last edited by christmasoompa; Apr 2nd 2015 at 9:57 am.

Apr 3rd 2015, 10:45 pm

#18

IlAlfie

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Re: Sell or let - trying to get my head round it

Oops, don't want to panic you! When I was doing my UK tax return I was just researching this and I came across something that said that the private residence relief thingy was changing to 18 months for properties sold after April 2014. That wasn't from the HMRC website but somewhere else. I'll see if I can find it. I could totally be wrong so best check with someone!