CGT query

[kOi12]

Purchase sept 2016
Value @ purchase 323,500
Value now 360,000 (min) to max 390,000
Refurbishment cost 30k
Mortgage o/s is 225k

House has been rented out since July 18 owing to a seperation

What am I looking at incurring in terms of CGT upon a final settlement split with the ex partner?

Grateful for replies so I can steel myself including the forced sale process as neither parties involved live there

[Eric Mc]

I presume the value at purchase is the actual purchase price?

How long did you live in the house (i.e. number of months)?

[kOi12]

Eric Mc said:

I presume the value at purchase is the actual purchase price?

How long did you live in the house (i.e. number of months)?

Actual purchase

Lived there 18 months

[Eric Mc]

You get relief for the period it was your main home plus an additional 18 months. That means 36 months of ownership in your case will be completely exempted from CGT.

That would mean that if you sold the house tomorrow, there would be no CGT to pay at all.

Obviously, if you hang on to the property, it is possible that some of the gain on disposal will become taxable but it may not amount to much.

[Alpinestars]

You’ll get letting relief even if you don’t sell within 18 months. Should be no gain given the values you’ve given and the market.