House sale CGT question
Discussion
red_slr said:
I bought a house in 2005. I lived in it till 2016.
I then rented it from 2016 until a couple of months ago.
I will make roughly £35k from the sale of the property.
Am I right in thinking there will be no CGT to pay?
I am a lower rate tax payer if that makes a difference?
Income tax is irrelevant. I then rented it from 2016 until a couple of months ago.
I will make roughly £35k from the sale of the property.
Am I right in thinking there will be no CGT to pay?
I am a lower rate tax payer if that makes a difference?
It is a capital gain.
Questions are:
- Did you buy another house and make that your home?
- Have you offset the cost of ownership (pretty much everything apart from the interest payable on the mortgage)?
- Are you using your CGT allowance?
https://www.gov.uk/tax-sell-home/let-out-part-of-h...
The letting relief (£40k) and 18months relief will more than take care of your £35k CGT.
I think you'll still need to declare the CGT and claim the letting relief on your Self Assessment tax returns though.
The letting relief (£40k) and 18months relief will more than take care of your £35k CGT.
I think you'll still need to declare the CGT and claim the letting relief on your Self Assessment tax returns though.
996c2 said:
https://www.gov.uk/tax-sell-home/let-out-part-of-h...
The letting relief (£40k) and 18months relief will more than take care of your £35k CGT.
I think you'll still need to declare the CGT and claim the letting relief on your Self Assessment tax returns though.
Ok thanks, so looks like nothing to pay then.The letting relief (£40k) and 18months relief will more than take care of your £35k CGT.
I think you'll still need to declare the CGT and claim the letting relief on your Self Assessment tax returns though.
Was just about to start another CGT thread but saw this one so apologies for diversion. I'm seriously considering selling our old family house. I now live abroad and I know that the rules have changed so I would now be liable but only looking at gains from April 2015. I'd also be liable where I live now :-(. My question is about the valuation of the house in April 2015. I know there are plenty of companies that will do it for me at a price but is it possible to DIY, looking at similar local properties and Zoopla and other sources or will I get a lot of grief from HMRC?
The value in April 2015 is irrelevant.
The calculation is based on how much the property cost when you bought it compared to the sales proceeds when you sell it.
The element of the gain applicable to the period in which it was your main residence (plus 18 months) is time apportioned and removed from the total gain.
The calculation is based on how much the property cost when you bought it compared to the sales proceeds when you sell it.
The element of the gain applicable to the period in which it was your main residence (plus 18 months) is time apportioned and removed from the total gain.
Eric Mc said:
The value in April 2015 is irrelevant.
The calculation is based on how much the property cost when you bought it compared to the sales proceeds when you sell it.
The element of the gain applicable to the period in which it was your main residence (plus 18 months) is time apportioned and removed from the total gain.
Not for non-residents Eric, at least according to the government https://www.gov.uk/tax-live-abroad-sell-uk-homeThe calculation is based on how much the property cost when you bought it compared to the sales proceeds when you sell it.
The element of the gain applicable to the period in which it was your main residence (plus 18 months) is time apportioned and removed from the total gain.
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