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Capital Gains Tax

I dont know if this is the correct thread to use but is any capital gain made on the sale of a property subject to the normal capital gains allowance. Also if the property was owned jointly by husband and wife, do they both get their own allowance.

If the answer to the above is yes, does that mean that you can make a profit of around £18k before being subject to pay the tax.
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Comments

  • You do not have to pay cgt on the sale of a property that you have lived in within the last 3 years. ( still classed as your primary residence)

    If it is your second property everyone has their own allowance of £10,100 therefore if the property is jointly owned the gain must be greater than £20,200 before you start to pay tax at 18% (less than savings & income tax)

    Hope that helps
  • kinglewis wrote: »
    You do not have to pay cgt on a property that you have lived in for the last 3 years.

    If it is your second property everyone has their own allowance of £10,100 therefore if the property is jointly owned the gain must be greater than £20,200 before you start to pay tax at 18% (less than savings & income tax)

    Hope that helps

    Thanks for that.
    It is a second property I have not lived in it at all,I just thought that maybe property was excluded from the normal CGT allowance.
    I am now reassured.
    Change is here to stay
  • kinglewis wrote: »
    You do not have to pay cgt on the sale of a property that you have lived in within the last 3 years. ( still classed as your primary residence)

    Whilst it doesn't make any difference in this instance, the above is not true. The significance of the last three years is that you are treated as having lived in it even if you haven't. There could still be CGT to pay depending on occupancy in previous years. Link.
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