Can i own 2 property's & not have to pay capital gains t
If you want to know how your DIY projects could be affected by building and planning regulations, click here to post questions and view answers

3 posts   •   Page 1 of 1
collectors
Foreman
Foreman
Posts: 485
Joined: Mon Dec 01, 2008 7:26 am

Can i own 2 property's & not have to pay capital gains t

by collectors » Mon Sep 13, 2010 8:21 am

Hi, i am looking to sell my house move into a smaller property, do it up & sell. But before selling this one, i want to purchase another property & do this one up before i move into it. Question is! Will i be liable for capital gains tax, or is there a period you can own 2 properties before i would be exempted from this.

Thanks,

Chris.

stoneyboy
Project Manager
Project Manager
Posts: 6404
Joined: Wed Dec 10, 2008 6:44 pm

by stoneyboy » Tue Sep 14, 2010 6:40 pm

collectors,
You can only have one home, second homes will be liable for tax but you do get a tax free allowance which is around £10,000.
If you've got a wife separate you tax affairs and get her to own one of the properties.
end

collectors
Foreman
Foreman
Posts: 485
Joined: Mon Dec 01, 2008 7:26 am

by collectors » Wed Sep 15, 2010 9:08 am

Many thanks Stoneyboy.

3 posts   •   Page 1 of 1