Capital Gains Tax (property)

[kaddi]

Hello, can anyone explain if i have to stay in a property for a certain amount of time to avoid paying CGT? Im rennovating and hoping for a quick turnaround but am now unsure if this is possible. Thanks in advance!

[Loosehead]

If the property is your main place of residence and you sell it for a profit then that is exempt. If however you live else where and rennovate properties for income then it is taxable. The time in between is irrelevant in this context.

[kaddi]

So if i move into the property is there a timescale before i can sell?

[Loosehead]

No, not if it is your main residence, even for a short period.

[kaddi]

ok, thanks for the info (all the websites seemed to have too much technical jargon!)