On Nov 14, 2:09*pm, "tim....." wrote:
"Man at B&Q" wrote in ...









On Nov 13, 3:34 pm, "David WE Roberts" wrote:
"Stephen" wrote in message

. ..

On Tue, 13 Nov 2012 09:18:34 -0000, "David WE Roberts"
wrote:

In either case the last three years of ownership did not count.

So if you intend to sell within three years, you don't really need to
include your partner as you will be CGT exempt anyway?

How soon after buying it can you sell and attract CGT rather than
income tax? 6 months? A year?

Not sure that we are on the same idea here.
I don't think you have the option to chose between income tax and CGT -
it
should be income tax on the sale or income tax on the rental income.

There are two seperate tax regimes - renovating property and renting
property.

What I think happens is:

If you buy to do up and sell then it doesn't matter how quickly or slowly
you sell any profit is treated as income and CGT doesn't come into it
(but
see below).

If you buy to rent then (apart from the time you spend doing the place
up)
you should not have any liability for CGT when you sell.

It's not as simple as that. Everything hinges on which is your "main
residence". Relief from CGT for a property that has been let is
limited to £40K

Not correct

Letting relief is limited to 40K

That sounds like relief "for a property that has been let"

but there are other reliefs you can claims
as well.

Specific to letting?


and only applies if the property has been you main
residence at some time.

I thought letting relief was only available if it was your main home
*before* any period of letting (BICBW).


Any period as "main residence" is exempt. Also

if make it your main residence before selling

You do not need to do this if it was your main home before you let it.

Oh FFS Did I say you "need" to? I said *if* on the grounds that the
"final 3 year" rule can be quite advantageous.

you can extend that
period to cover the last 3 years before the sale.
There are various ways for a property to become your "main residence"
but simply living there may not be sufficient for HMRC. You need to
nominate it within two years of purchase, or show intent, e.g., by
getting on the electoral roll at the new address, etc., ...

No you don't. *Your PPR for tax purposes (at any one time) is the one that
you nominate from those houses which you own which are available for your
own use. *There are no other qualifying criteria that the revenue can use to
reject your nomination.


*If* you make a nomination.


Of course if you fail to make a nomination then those things will be taking
into account when the revenue decide for you.

Indeed. I listed alternatives. The alternating to nominating it being
consideration of the other things.

Thanks for confirming what I said, though I fail to se why you need to
say it such a disagreeing way.

MBQ