Hi
If I move to a newly constructed property next year and plan to claim its full main residence exemption, my understanding is the current property that I'm living in stopped as the main residence from the time when the new land was purchased and will incur CGT when it's disposed of.
My question is about the CGT calculation. Should it be based on the proportion of the ownership period as the main residence/whole period or the difference of proceeds minus new market value at the time stopped as the main residence?
As I still live in the old house, no rental income is generated. Not sure if the property first used to produce income applies here.
Thanks
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353 views
3 replies