F Fergus 5th Jan, 2010 #1 Hi Folks Can I get some advice on this query pleae I have an old I/P on 5 Acres and PPOR .If I knock down the I/P and build a new house on the bloke and then Move into it for 12 months then sell it Will I have to pay CGT ?
Hi Folks Can I get some advice on this query pleae I have an old I/P on 5 Acres and PPOR .If I knock down the I/P and build a new house on the bloke and then Move into it for 12 months then sell it Will I have to pay CGT ?
F Fergus 5th Jan, 2010 #3 Hi Jaycee We lived in it for 5 years then I sold it to my wife and it has been a rental for 13 years
Z ziggy2214 6th Jan, 2010 #4 You will have to pay CGT for the 13 years your wife held the property. It would be best to move in before you develop it and to also do a valuation while it still looks old Any capital gain after you move in will be tax free
You will have to pay CGT for the 13 years your wife held the property. It would be best to move in before you develop it and to also do a valuation while it still looks old Any capital gain after you move in will be tax free
