My CGT on property sale Q

[The Punter]

Hi,

I am unsure if I have a CGT liability on the sale proceeds of a property. I have read and re-read the other threads but am still unsure. My story is as follows.

Bought & lived in house as PPR for 2 yrs 4 months
Moved to new home and rented the house for 11 months
Tenants moved out and I put it up for sale (house now empty)
9 months later, house sold.

My understanding is that once you don’t sell your PPR in 12 months after moving out, you are liable. Is this true? If so, am I liable for the total capital gain from when I bought the property 4 years ago or just a portion of that time?

Thanks.

 

[ClubMan]

Hi,

I am unsure if I have a CGT liability on the sale proceeds of a property. I have read and re-read the other threads but am still unsure. My story is as follows.

Bought & lived in house as PPR for 2 yrs 4 months
Moved to new home and rented the house for 11 months

Did you pay the SD clawback triggered by this rental within 5 years of purchase of the property as an owner occupied PPR? If not then this seems to be (over?)due and you are still liable for the difference between what an investor would have paid and what you actually paid (possibly nothing).

I believe that you may be liable for CGT on some portion of the resale gain but am not 100% sure. Based on recent threads I suspect that the 12 months PPR CGT "grace/exemption" period may not apply here but am not totally certain. Get professional advice.