Question:
I live with my parents in their house which they own. I have two buy-to-let properties. If I was to sell one or even both of them, would I have to pay capital gains tax (CGT) on both? Is CGT not meant for a second home? In my case, I am not getting the relief an owner-occupier would get for either of my properties.
Arthur Weller replies:
I am sorry to tell you that you will have to pay CGT on both buy-to-let properties. HMRC state emphatically that principal private residence relief from CGT only applies to someone who actually occupies the property as his main residence www.hmrc.gov.uk/manuals/cgmanual/CG64427.htm and subsequent pages.
