Capital Gains Tax On Second Home

olliewb

Appologies as I am sure this issues has been covered before but I am lookign to see what tax I will pay on the following:

I purchased a property and lived in it as my main residence, I then moved out & rented the property for a period, then I sold it.

Feb 2002 – May 2004 - Main residence (Approx 2 Years)
May 2004 – April 2008 – Rented (approx 4 Years)

I Purchased for £86K, sold for £150K (Gain £64K)

Was is the CGT based on this scenario?? And how is it calculated??

Any help much appreciated!!
thanks

Fire_Fox

Have you looked on the inland revenue website?

pie81

Try posting on the tax section of the forum, I had a similar question and got a helpful response.

In brief there is a decent chance that you will not have any CGT to pay as you will be covered by PPR and lettings relief - BUT that may not be true if your gains have gone above the allowed limits for these reliefs (can't recall how these limits work at present but sure the tax board peeps will know).

chappers

no CGT

as follows roughly in whole years you will have to work it out in months

taxable gain £64000

residential relief(2 years you lived there plus last 3) 5/6(time owned)*£64000=£53333
lettings rerlief £40000
annual allowance £10100

Total relief £103433

silvercar

Chappers is right, there is no CGT to pay. (Though your total relief can't exceed your gain.)