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Home » News & Insights » If you own multiple properties, have you nominated a private residence?

If you own multiple properties, have you nominated a private residence?

Posted on 11th September 2020

Residential Front Door Of A Georgian House

There is usually no Capital Gains Tax (CGT) due on a property which has been used solely as the main family residence. Conversely, an investment property which has never been used as a private residence will not qualify for relief. This relief from CGT is commonly known as private residence relief.

There are a number of issues taxpayers that own more than one home should be aware of;

An individual, married couple or civil partnership can only benefit from CGT on one property at a time. However, it is possible to choose which property benefits from a CGT exemption by making an election.

This must be done by nominating one property as your main home by writing to HMRC and specifying (with the full address) which home you want to nominate. All owners of the property must sign the letter. If you want to nominate a home you must do this within 2 years of any relevant change. You must have also lived in the house as your main or only residence at some point in the past.

There are special rules for overseas property and for non-UK residents. It is important to carefully consider the timing and frequency of changing an election.

If a property has been occupied at any time as an individual’s private residence, the last 9 months of ownership are disregarded for CGT purposes – even if the individual was not living in the property when it was sold.

If we do not currently complete your tax return, and you think you may be liable for Capital Gains Tax, call MJB Avanti on 08000 388799 to discuss your circumstances and how we may assist you.

Source: Informanagement

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Disclaimer:- The information contained herein is given by way of general guidance only and no action should be taken solely on the basis of the information contained herein. The Avanti Group (UK) Ltd will be pleased to provide further guidance on the issues, and how they might affect you. No liability is accepted by the firm for any action taken without seeking appropriate professional advice

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