CGT on former home

[snadley]

Hi,

We lived in our house for 7 years before deciding to sell. Due to issues with the sale we rented the house out for a year and then sold. In the mean time we still went ahead with our purchase, therefore we live in a new PPR.

I understand no CGT will be charged as we only rented it for a year and reliefs would cover that. Do we still need to include the details in our Tax Returns ? House finally sold in Dec 06.

Thanks
snadley

[TaxationPete]

The house will have attracted PPR status so it would have been exempt for 36 months for CGT. I assume you declared the rental income. As the property you now own is you only property then PPR will reside there and the Land Registry will have notified HMRC of the property sale. Regards Peter

[snadley]

Yes, rental income has been declared.

So does this mean that I don't need to mention the property on the self assessment, only the remaining rental income for the year just finished ?

[TaxationPete]

That is correct. However I always recommend completing the CGT pages declaring your PPR exemption so you account is clear. Regards Peter