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Income, Corporation, Capital Gains, Inheritance Taxes, VAT and so on.
I have had a main residence since 2002. In 2006 ( 50% ) and 2011 ( a further 40% ) was gifted %'s of my others property. If I now sell my main residence does the other property affect this at all ?
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You should take professional advice.
My understanding - which may not be correct - is that the second property will be chargeable to CGT at the time that you make a gain, probably by selling your interest in it. This should not affect your principal private residence.
If there is enough at stake, you must take advice from a suitably qualified professional.
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We very rarely know the full story and so we do not advise.
If you sell an asset for a profit, then that profit is in principle liable to taxation.
There are several, fairly generous, exemptions.
One such is that for a principle residence. You can only have one such. It is for you to establish the availability of the exemption. Usually it is so easy that people do not even notice. As soon as a complication arises, however, it can spin out of control.
Proper advice from someone who has all the facts and knows what they are talking about may be required.
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your main residence is subject to primary residence relief so no gain is chargeable to tax.
whether there is a gain on your second property depends on what you have used it for. a gain only arises when the asset is disposed of. it may qualify for primary residence relief and lettings relief if you've lived in it and let it out during the period of ownership
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