Capital gains tax

Ginger1964

I own a house, but have not lived there for 2 years as I have been living with my partner in his house. The house I refer to is my only house and is in my sole name and is mortgaged. The house where I live with my boyfriend is his only house and is in his sole name. If I sell my house now, do I have to pay capital gains tax? I bought my house in 2004. I'd appreciate any advice thanks.

booksurr

there is an infinitesimally small likelihood of you having any tax to pay since if you sell now the final 18 months of ownership are always exempt even if you no longer live there. You then also have your personal allowance (£11,100)

so...total ownership 2004 - date of sale in 2016 = say 12 years
a) exempt from 2004 - 2014 (or whenever you moved out) say 10 years
b) additional exemption for final 18 months of ownership
c) liable for 12 - 10 - 1.5 = 0.5 years

say the gain was over those 12 years of ownership was £250,000 your liability would be 250,000 x 0.5/12 = 10,416 - pers allow 11,100 = ZERO