What is the ruling regarding investment properties and Capital
Gains Tax?
Q.
What is the ruling regarding investment properties and Capital
Gains Tax? If an investment property becomes your permanent address
do the same rules apply when you eventually sell it?
A.
If you own an investment property and then move into it capital
gains tax is apportioned on a time basis. For example, if you owned
the property for a total of ten years and lived in it for four of
those ten years you would pay CGT on 6/10ths of any gain.
Each week financial advisor Noel Whittaker answers your
questions.
