Hi
I planned to sell the family house I inherited from my parents ( rip x 6 years, ) was was prepared to pay the very substantial CGT etc...as it was anon prinicipal Private residence.
Alas, the sale has fallen through , and I am back reconsidering options.
If I move into this older house, for 5 years and make it my PPR, l The I avoid CGT when I sell it in 5 years .
. meanwhile, if I rent my own house in these 5 years, (PPR ) what tax am I liable to pay?...when I move back to it in 5 years ? as Im assuming I have to live in this house for another 5 years anyway ...if we decided to downsize in time ..
I feel this whole area is a tax minefield , and I have to look at all options as to what's best to do.
(Did i mention a son with a family and young baby who is dithering over returning to move home. ...another spanner in the works.)
Any light shed on this, and if others have been in this situation/..Id be very grateful to hear.
much Thanks
Aine
I planned to sell the family house I inherited from my parents ( rip x 6 years, ) was was prepared to pay the very substantial CGT etc...as it was anon prinicipal Private residence.
Alas, the sale has fallen through , and I am back reconsidering options.
If I move into this older house, for 5 years and make it my PPR, l The I avoid CGT when I sell it in 5 years .
. meanwhile, if I rent my own house in these 5 years, (PPR ) what tax am I liable to pay?...when I move back to it in 5 years ? as Im assuming I have to live in this house for another 5 years anyway ...if we decided to downsize in time ..
I feel this whole area is a tax minefield , and I have to look at all options as to what's best to do.
(Did i mention a son with a family and young baby who is dithering over returning to move home. ...another spanner in the works.)
Any light shed on this, and if others have been in this situation/..Id be very grateful to hear.
much Thanks
Aine