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CGT on primary residence (if it has been let out - also my only residence)

Posted 4 April 2017 under Tax Q&A


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JG says:
3 April 2017 at 16:40

What CGT would I be liable for if my primary residence is my only residence - but rented out?

This entry was posted in Tax Q&A and tagged , , , . Bookmark the permalink.

TaxTim TaxTim says:
4 April 2017 at 7:08

Kindly refer to our Capital Gains Tax Calculator

JG says:
4 April 2017 at 8:02

Thanks Tim! The calculator is very useful.

The challenge that I have is that I rent out this property (it is my only residence) whilst I reside with my mother at her home (who is retired). Would I still face capital gains in this scenario? I have never owned any other properties during the same time. The "primary" residence has been my only residence. I do not however live in it. I'd like to know what would happen if I had to sell it.

TaxTim TaxTim says:
4 April 2017 at 9:48

Unfortunately as you do not live in the property you would be liable for CGT without the R2m exclusion. Did you ever live in the property?

JG says:
4 April 2017 at 10:46

I have stayed there for some periods when it was not let. Also for the past year.

TaxTim TaxTim says:
4 April 2017 at 14:30

So in that case you would have to apportion the capital gain by the period over when you lived there and when you let it out. The primary residence would apply to the period you lived there and then not for the let period for which you would be subject to full CGT.


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