capital gains tax

[issy35]

Own two houses. Want to sell the one I dont live in. Heard that by registering with the council tax and paying this for a year or so, that I would exempt myself from paying the above tax. Can anyone advise?

[Pumpsticks]

I don't think that would work. You would need to live in the 2nd house for a period (an accountant could tell you how long) and then you might be able to claim an exemption.

[kags]

By moving into the house, you would only remove part of the gain from tax, although you could potentially substantially reduce the amount chargeable. However, you would have to genuinely live there, not just pay the council tax. There is no minimum period for which you would have to live there, HMRC will look at quality rather than quantity, and would look very carefully at this. Have you ever lived in the house you want to sell, and have you let it out at all? These 2 factors can make a huge difference to the Chargeable Gain, and if the answer to both is yes you might find there is a very small chargeable gain in any case.

[jennyp]

I think you have to 'live' in it for 6 months.

[issy35]

thnx for the replies.... have decided to rent it out for now and get myself a good financial advisor!!!