CGT Position

[bbjjcc]

I have recently bought a business and have been unable to sell my property so have really been forced into renting.

I have been offered a 3 year lease @ £1200 per month with the option to buy at the end.

What I need to know is how do I stand regarding CGT as I have at this moment in time £200k woth of equity.


Any help/answers would be greatfully appreciated.

[Yardleystar]

Need more information - why are you worried about CGT?

[Tax Accountant]

Are you quering the CGT position relating to the property which you hoped to sell but have been unable to sell? Is this a residential property or a commercial property?

CGT will only be applicable upon a sale. If the property has been your only or main residence since purchase, you are allowed upto 3 years to sell since moving out. Any excess period will be chargeable on time-apportionment basis. However, there may be other reliefs and allowances available to reduce or eliminate any chargeable gains.

As stated by Yardley Star, further information is required before a full reply could be given.