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Selling a Tenanted House - Capital Gains Tax?
LeMansBlue330d
Posts: 16 Forumite
Folks, I have a 4 bed, which my sister-in-law has recently moved out and we have decided to sell it. Are there any loopholes around paying any capital gains tax on this property? This is a house we use to live in ourselves a few years ago (1998 to 2004).
Or, would we have to fork out the tax once we have sold it?
Much appreciated any responses to this.
Stuart
Or, would we have to fork out the tax once we have sold it?
Much appreciated any responses to this.
Stuart
0
Comments
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There are rules about CGT and when it is/is not payable if you have lived in the property yourself fo X years/x% of the time it was owned.
I'm not very familiar but
* see the guidance here or
* ring HMRC0 -
NO, there are no "loopholes" here
But there are specific things that you can deduct, that HMG has intended you should be able to deduct, from a previously lived in property, before calculating the taxable gain.
If you are not shy about posting the actual buying and (expected) selling prices and the exact dates of ownership/occupancy we can work out the numbers for you0
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