I purchased a house 10 years ago and lived in it for 9 years when i decided to become self employed and as a result needed more space to work from home. As newly self employed i could not get a mortgage so selling and moving to a new property was not an option. A large property came up for rent and i moved into it. I rented my house out to a tenant . So i am renting and my house is rented out to a tenant. Now however i can get a mortgage and have purchased a new house. I will continue to rent out my house and live in my new one.
I would like to know about main residence relief..... what will happen when i decide to sell my first house that i am renting out? Will it be subject to CGT. Should i be nominating which one is my main residence?
Is it correct that the years i lived in it and the last 3 years would get relief but the periods where its rented would be subject to CGT?
I would like to know about main residence relief..... what will happen when i decide to sell my first house that i am renting out? Will it be subject to CGT. Should i be nominating which one is my main residence?
Is it correct that the years i lived in it and the last 3 years would get relief but the periods where its rented would be subject to CGT?