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tax help please
paul2louise
Posts: 2,599 Forumite
I have owned a house for 16 years and the last 4 years i have rented it out while i live with my girlfriend. I have made some income from the rent (not much) which i have paid tax on in full todate. I want to sell my house and have spent quite a sum of money on renovating it. I am not sure where I stand with regards to capital gains tax and relief. i have been on the inland revenue website and find the information confusing.
Please can someone explain IN ENGLISH if i have to pay tax on the sale of my house or need to claim tax back.
thanks
Paul
Please can someone explain IN ENGLISH if i have to pay tax on the sale of my house or need to claim tax back.
thanks
Paul
0
Comments
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I have been trying to evict a non paying tennant for 6 months and have been in possession of the property since december so will that count towards the possesion.
Do I have to actually have to be living in it properly as i am there every weekend doing work on it as it is not fit to live at the moment
Paul0 -
Paul,
This artical will help.
http://www.fool.co.uk/taxes/articles/cgt_property.htm
from my understanding you lived there for 12 years + 3 last years are counted so tax is only due on the last year.... your personal CGT allowance would cover this last year so I don't think you would need to pay anything
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