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CGT on house sale
MHP_2
Posts: 1 Newbie
in Cutting tax
My wife owned a property and both of us lived there for 3 years . We moved out 3 years 6 months ago and have been renting it out. If we sell now we will make a profit of 70k . Just wondering if anybody can help regarding how much capital gains tax we owe? Is there any way of reducing it? What if we form a private Ltd company and transfer the ownership ?
0
Comments
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I believe no CGT would be payable.
The three years you stayed there are covered by private residence relief, as are the last three years. The other six months would be covered by letting relief.Today is the first day of the rest of your life0
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