There is no Capital Gains Tax (CGT) on a property which is used as the main residence, under certain conditions. It is necessary to meet 5 requirements to claim this relief:
You have only one residential property which is used as the main home
You have not let any part of the property out (sharing it with a tenant is allowed)
You have not used any part of your home exclusively for business purposes, for example as a shop or an office (using a room as a temporary or occasional office is allowed)
The total area, including all buildings, is less than 5,000 square metres in total
You did not buy aproperty just to make a gain.
If your property in the UK meets only some of these requirements, you may qualify for a partial CGT relief. Please contact our advisors to find out the exact amount of relief.