Capital Gains Tax

#1
Hello all. We own a property in the UK which is in my wifes name. We have owned the property since 2004. Since the property was bought it has been let out. We have never lived in it at all.

I am due to leave the Army in 2017 and bugger off abroad somewhere. What I would like to know is, when I sell the house, will I be liable for Capital Gains Tax? Is there some sort of exemption for Armed Forces? Will I have to live in the house for a fixed period before I sell? Will the same rules apply on further property we may wish to buy?

I looked on HMRC website, but couldn't find anything Armed Forces specific.

Thanks
 
#2
If I recall correctly there is a 6 month period when it has to be your primary residence and then you can sell without incurring CGT.
Check HMRC website again because it does deal with this (or did a number of years ago).
There is no special case for HM Forces or anyone less MPs!
 
#3
I've got a small package(fnarr, fnarr) of stuff from a solicitors and accountancy practise that gives you a lot of information about CGT, etc.

PM me with your postal address if you'd like me to send you a copy.

Ged
 
#4
Roger,

My understanding is that you will be exempt CGT. Page 5 of the attached leaflet, 'Job-Related accommodation, covers your particular circumstances.

I would still, however, seek clarification from HRMC.

PAW


http://www.hmrc.gov.uk/helpsheets/hs283.pdf
 
#5
pombsen-armchair-warrior said:
Roger,

My understanding is that you will be exempt CGT. Page 5 of the attached leaflet, 'Job-Related accommodation, covers your particular circumstances.

I would still, however, seek clarification from HRMC.

PAW


http://www.hmrc.gov.uk/helpsheets/hs283.pdf
Nice one, cheers. Helpsheet 202 also explains that HM Forces accommodation is exempt from tax which enables you to have one property let out. I will be exempt from CGT when I sell this house but will have to pay it if I have a second home.
 

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