CGT on main residence that has been let

megadishu

I have owned a house since 1990 - lived in it from 1990 to 1996, it has been rented out until 2009 but I am now moving back into it.

I understand that if I sell it then I am entitled to the 6 years of residence and a 3 further years of relief.

I bought the property for approximately 60K - it is worth now approximately 120K so a gain of 60K if I managed to sell it.

Can you advise how much CGT I would have to pay?

Many thanks

fengirl_2

Selling price 120k less purchase price 60k = gain 60k.
Exempt period 9/19 x 60K = £28,421.
Gain 60k less exempt 28421 = 31,579 chargeable
This is covered by lettings relief, so not CGT to pay.

jakesuk

The amount of letting relief is limited in your case by the exempt period relief of £28,421 so there is CGT to pay.

£31,579 - £28,421 = £3,158
£3,158 @ 18% = £568 to pay

Cook_County

Assuming you are not an MP flipping at my expense; the gain will be covered by costs of sale (assuming typical estate agent/legal fees).

CLAPTON

also of course the OP has a CGT allowance of 10,100