If we sell the new place in ten years time would we be subject to
CGT?
Q.
We own a property which was our primary residence. We bought
another property recently and moved into it for one month. We have
now decided to move back to our old place and rent out the new one.
Can we claim the new property as our principle residence instead of
our old place when we sell it? If we sell the new place in ten
years time would we be subject to CGT?
A.
This is something to discuss with your accountant but you should
be aware that you cannot claim two homes as your principal place of
residence. If you wish to claim the newer property, you cannot be
absent from it for more than six years and you can't claim the
original place as your residence from the date you move back
in.
Each week financial advisor Noel Whittaker answers your
questions.
