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CGT / Tax Advise
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SimpleMind
Posts: 10 Forumite
What professional do I need to contact if I want tax advice? And where can I search for one local to me?
This advice would be on whether I would need to pay Capital Gains Tax on selling a property that I used to live in but have been renting it out for the last 3 years.
thanks all
This advice would be on whether I would need to pay Capital Gains Tax on selling a property that I used to live in but have been renting it out for the last 3 years.
thanks all
0
Comments
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SimpleMind wrote: »What professional do I need to contact if I want tax advice? And where can I search for one local to me?
This advice would be on whether I would need to pay Capital Gains Tax on selling a property that I used to live in but have been renting it out for the last 3 years.
thanks all
That sounds more like a query for a Solicitor than an Accountant, but either should be able to help.
The CGT liability IS affected by having previously lived in a property. IANAL, but I believe that the rule now is that the entire period of your actual residence is exempt (assuming no other properties at that time), and then the last 18 months of ownership are exempt, irrespective of what you did with the property during that time.
This may also help: https://www.gov.uk/government/publications/private-residence-relief-hs283-self-assessment-helpsheet/hs283-private-residence-relief-2017--20 -
Cornucopia wrote: »That sounds more like a query for a Solicitor than an Accountant, but either should be able to help.
The CGT liability IS affected by having previously lived in a property. IANAL, but I believe that the rule now is that the entire period of your actual residence is exempt (assuming no other properties at that time), and then the last 2 years of ownership is exempt, irrespective of what you did with the property during that time.
This may also help: https://www.gov.uk/government/publications/private-residence-relief-hs283-self-assessment-helpsheet/hs283-private-residence-relief-2017--2
You're off your rocker.
Only a very specialist solicitor would be able to handle this, whereas this would be bread and butter for an accountant.0 -
Gee, thanks.Victor_the_Gink wrote: »You're off your rocker.
I think we've answered it anyway.Only a very specialist solicitor would be able to handle this, whereas this would be bread and butter for an accountant.0
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