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Readers' forum : Musical chairs

05 June 2018
Issue: 4650 / Categories: Forum & Feedback

CGT implications of main residence election on property renovation.

I have lived in my current property as a main residence since 2002. I still have a buy-to-let property which I bought in 1995 and is my previous main residence. I have been renting this out since 2002. I am now looking to demolish my existing home and rebuilding it. During this period I am trying to understand the tax implications of moving back to the rented property and making it a main residence for the duration of the build. I would then seek to sell the main residence (previously the buy-to-let) before moving back to the rebuilt home.

What the capital gains tax implications of doing this?

Query 19 175– Builder.

 

Reply by Goston

Builder bought a property in 1995 in which he lived from the date of purchase until 2002 when he started renting it out. It is assumed that he acquired the second...

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