taffyboyo

can anyone help me out with this one?

I bought a flat in wales a 4 years ago, with the intention of living in it when I left the army, because it wasnt possible to live there as I work in england,
this year I'm leaving the army, but now I have too many children to live in the flat, a bundle of joy arrived last year, and the flats only 2 bedroom, and now we have 2 children,

I just found out that we are going to have to pay capital gains tax if we dont live there for 12 months,

the money from the sale of the flat will be going straight towards the purchase of a house, it isnt really possible to live in the flat for 12 months,

does anyone know a way around this, or a loophole in the system that I could look into,

pm me if you like
cheers
Taffy

scud8

iTrader: (1)

You should check with your local tax office, but if you have been living in accomodation provided by your job then there is such an exemption provided it has always been your intention to occupy the flat as your PPR (primary private residence) when your left your job.

scud8

iTrader: (1)

See the following link http://www.hmrc.gov.uk/manuals/CG4manual/cg64555.htm and follow it through by clicking the Next Page link.

taffyboyo

many thanks scud8, very handy link, I will have to look into it in the morning as I've had a couple of cans of beer

I spoke to the local tax office today, and they put me through to a specialist advisor and the specialist advisor said that because we never lived there, we would be liable to pay cgt on the sale of the property regardless to the fact that my job prevented me from living there.

thanks for help
Taffy