How to Reduce Capital Gains Tax by Moving into a Property

Moving into a property can be a smart way to reduce your capital gains tax. Learn how to take advantage of this tax-saving strategy with our guide.

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[FlyingFun.]

I livdd 20 years in a house and rented it out the last 10 years and selling it now, it so empty ATM, that house is in my name, I bought another house in joint name with my wife 10 years ago 140 miles away.
I'm selling now and it looks like it might go over the April deadline, what are my options and CGT bill likely to be if the total profit since I bought it is around £190k?

[waseqdaboss]

if sime one sell his main residence and move in to the buy to let property how does the CGT works.

[mrxyz]

Buy to let property sale after you buy another property still you have to pay capital gain tax ?

[TheJellyBabyxxxx]

Hi, i wonder if you could answer my question.
I bought 2 properties in Inner London in 2001 on BTL mortgages. One mortgage is now fully paid off and i can afford to pay off the remainder of the other.

Thus I wouldn't have the hassle & expense of changing a mortgage from a buy to let to residential.

The properties have significantly increased in value since i bought them from new. So the usual ways people legitimately reduce their CGT bill wouldn"t help me much given the value increase amount.

I have never lived in either property. I always hoped that one day I could comfortably afford to live in one of them. Now I can.

I want to sell my own home and live in one of my rentals. Obviously my rental that i live in would then become my only home/residence.

I plan to live there for about two years, probably a bit longer.

If i were to do this would i be exempt from capital gains tax when I sell it?

I'd love to take early retirement abroad, hence I plan to sell it after I"ve enjoyed London for 2+ years.

It would be my only residence. I'd have everything to prove that obviously.

The information out there is confusing & contradictory. It should be a simple question but the web is full of complicated examples that do not apply to me. The properties have always been in my own name. My partner passed during c19 and I don't have children.

Your help in answering this for me would be very greatly appreciated. Thank you in advance.