Question:
I want to gift a property that I've never lived in (I haven’t owned any other properties since I purchased the property). Can it be considered my ‘main residence’ for capital gains tax (CGT) purposes? There is no mortgage on the property, and never has been.
Arthur Weller replies:
Unfortunately, it cannot be considered your main residence for CGT purposes. HMRC are adamant that occupation is a requirement. See HMRC guidance in its Capital Gains manual at www.gov.uk/hmrc-internalmanuals/capital-gains-manual/cg64420, 64427, 64435 and 64465 (especially).
