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Re:Capital Gains Tax
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liames
Posts: 173 Forumite
in Cutting tax
In 2000 I bought a house. In 2001 I was transferred with my job to York and lived in rented accomodation so I rented out my property. In 2006 I put the property up for sale and bought a house in York with my partner. As the house has not sold yet and is empty at the moment. Do I have to pay Capital Gains Tax when I eventually sell the house.
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you would pay capital gains tax based on the difference between the sale price and the purchase price. there are allowances to reduce this, including letting relief, taper relief and PPR for the time it was your home and the last 3 years of ownership. There is also a CGT allownace of £8,800 if you haven't used this elsewhere.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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