How much Capital Gains if I sell???

whitehouse

Hi,

I bought my flat approx 15 years ago for £85000 and it is now worth approx £250000. Have a mortgage of £66000.

I lived in it for 11 years and then 4 years ago moved back in with my parents and rented it through an agent after splitting with my partner. (Flat is 100% mine and have filled in Tax Return for past 3 years).

I am now looking at selling, will i have Capital Gains tax to pay and if so approx howe much?

Any advice much appreciated.

Doozergirl

I'm not an expert by any stretch of the imagination but the bill won't be a lot, if any. There is a liability there but the time you lived there doesn't count, nor do the first three years after you lived there, so you have liability for about a year. Prices have risen a bit over that time but when you calculate the gain over the last year, you might find it comes under the threshold. Even if it doesn't, the bill is unlikely to come to more than a couple of thousand.

sunshinetours

As Doozergirl says as you lived there you will be able to claim PPR relief as your main home. You alos get the final 3 years of ownership excluded from CGT under this aswell.
The remaining year or so of ownership will fall into charge BUT you would also have your annual exemption of £10,100 and quite possibly Lettings relief would be available to cover any remaining gain anyway.
I would be very surprised if you had any gain to show on your tax return on those figures