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CGT Liability if First Time Buyer sells property CGT Liability if First Time Buyer sells property

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Old 10-08-2009, 10:42 AM
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Question CGT Liability if First Time Buyer sells property
I have just bought a mid-terraced house through a mortgage as a first time buyer and am renovating it. I plan to move in when the loft conversion is completed (eight weeks time) and then renovate the rest of the house. If I sell around Feb/Mar 2010 will I be liable for capital gains tax?
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Old 10-08-2009, 02:14 PM
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As far as i know, there's no CGT liability if you're selling your primary residence, and it sounds like that's what you're doing.....

but look on the HMRC website rather than asking here......
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Old 12-08-2009, 12:18 PM
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Default CGT liability
Thanks for the info will check out HMRC
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Old 13-08-2009, 07:20 AM
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There is no CGT to pay on your primary residence, but if you're looking to live in properties that you renovate for business purposes, better to talk to an accountant as HMRC might not regard it as a normal primary residence.
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