Converting Residential to Buy to Let - Cap GainsTax Advice
ABE (PRO Member) Converting Residential to Buy to Let - Cap GainsTax Advice
Posted: Mar 22 07 00:41
Total Posts: 2
Users Rating: unrated

I intend to move out of my residential property to buy a new residential property and in the process convert the existing residential property to a buy to let. What are the implications for Cap Gains Tax if I decide to sell my exsiting residential property in a couple of years after the conversion to a BTL. Is there anything I should be doing before the conversion to BTL (e.g seeking an accurate valuation) to ensure capital gains is not overestimated

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Miles (PRO Member) CGT
Posted: Mar 22 07 13:35
Total Posts: 0
Users Rating: unrated

Hi ABE, Once a house has been your main residence, the final 3 years are treated as if it was your main residence, even if this wasn’t actually the case.Therefore it will be free frrm CGT if sold wihtin 3 years. This assumes you haven't altered the structure of the building, I assume when you mean "convert" you are not actually doing any structural changes but just swiching it from your prime residence to a BTL. Miles

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