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Capital Gains Tax
EL321
Posts: 40 Forumite
I wonder if anyone could tell me what my situation is with regards to Capital Gains Tax. I have read information on it but am confused!! This is basically my situation:-
In 1999 I bought a property and in October 2005 I rented it out because I was moving out of the area to become a student (origianlly for 3 years but ended up being another extra year to do teacher training). The plan was to come back to the property, however situations change and I am now living in a different area with my partner and have just put my property on the market so that we can have equity for a new property. I am now doing my teacher training and have given my tenant notice until the beginning of May.
One option I have if the property does not sell between now and the summer is to actually live in there and work there over the summer until the new term begins in September (meaning it cancels out the renting period????).
Also - how do the government know to claim this tax - do I have to fill in a form?
Yes I am igronant about this - igronant is bliss regarding £ in my view, until it affects me!!
Any advice to this very confused brain would be much appreciated xx
In 1999 I bought a property and in October 2005 I rented it out because I was moving out of the area to become a student (origianlly for 3 years but ended up being another extra year to do teacher training). The plan was to come back to the property, however situations change and I am now living in a different area with my partner and have just put my property on the market so that we can have equity for a new property. I am now doing my teacher training and have given my tenant notice until the beginning of May.
One option I have if the property does not sell between now and the summer is to actually live in there and work there over the summer until the new term begins in September (meaning it cancels out the renting period????).
Also - how do the government know to claim this tax - do I have to fill in a form?
Yes I am igronant about this - igronant is bliss regarding £ in my view, until it affects me!!
Any advice to this very confused brain would be much appreciated xx
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