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SELLING OVERSEAS PROPERTY

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MIN | 17 Sep 2013, 11:39 AM Agree 0
My husband has a house in the UK which belonged to his mother until she passed away nearly 3 years ago. It has been tenanted (off and on) over the past 2 years. My husband is now considering selling the property but has been told he must reside in the house for at least 3 months to minimise/avoid high tax incursion ( CGT ?) Could anyone shed some light on this for us? thank you
  • WEALTHPOD | 26 Sep 2013, 08:35 PM Agree 0
    Sounds like because he hasn't lived in it they are treating it as an investment which is incurring Capital gains tax- There is not many options here other than continuing to rent it out or cop the tax sweet?........or send hubby back to the UK for 3 years Min and you can have a well deserved break.
  • WEALTHPOD | 26 Sep 2013, 08:36 PM Agree 0
    whoops my bad! I meant months ha ha ha ha
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