Own a home but live in job related rented accommodation
So you have finally found that job you have been looking for? 100% job satisfaction, lovely colleagues and a great boss. One problem – you have to move out of the home you own and into the job related rented accommodation. What do you do now?
Sell your house, keep it empty or rent it out?
How can you Rent out your main home and not suffer future capital gains tax on sale? That is indeed the big question!
Jobs are not for life and things can change fairly quickly so a lot of people might look to keep the property they own as back-up security. What about the mortgage? You are probably not happy that the property will sit there idle and you will still have a mortgage to pay!
A simple solution – Let it out on a short term rental.
If your new job residence qualifies under the HMRC guidelines for job related accommodation then you may be able to continue to have your main home as your private residence despite it been let out.
If you intend to live back in your main home when your job ends and you follow the rules set out by government legislation then it is possible not to suffer any Capital Gains tax on any future sale.
Interested in finding out more? Why not pick up the phone and speak to an AIMS Accountant.
AIMS Accountants for Business – if you like the way we think you will like the way we work.