Capital Gains Query

D

Doro

Guest
Hello, I bought a house as a single person in 2005 and sold it in May 2008.
I got married in 2007.
My husband bought a small house as a single person in 2002 that he now rents out.
We are renting a house at the moment and actively looking to buy a new house in the future.
My question is, am I exempt from capital gains on the sale of my house in May 2008?
Thanks
 
I think that would depend upon whether it was your principal private residence (PPR) and for how much of the period of ownership you actually lived in it?

So, if it was your PPR and you lived in it for the entire 3 years you owned it, I think you would be exempt from CGT

Other posters, please correct me if I am mistaken ...
 
I have heard of many people who have "lived" in a house for a year and sold it on with paying any CGT. I would be very confident that there is no CGT due in this case if the poster can prove any bill in her name or that she resided in this house. Even if she let it for the last few months she would still be exempt from CGT but it must not be let for longer than 12 months prior to selling
 
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