Capital Gains Tax on flat I used to live in

wheelz

I am looking to sell my flat that I'm renting out. I bought it in May 2004 and lived in it for 7.5 years. The value of the flat has increased about 100,000. Whether I'll get that when I sell I don't know, that's what the valuation report says as I'm currently extending the lease. It is unclear to me whether I would need to pay CGT when I sell the flat? I live in a rented house with my partner and his daughter. I have had a look the .gov.uk website and am confused what my main home is. Is that the one I own or the one I live in. I can't see the relief that I've read about on here on the information from .gov.uk https://www.gov.uk/capital-gains-tax

xylophone

https://www.gov.uk/tax-sell-home/let-out-part-of-home

wheelz

Thank you Xylophone. It works out that I don't need to pay anything, I'm relieved. I'll have to see first what the flat goes for when I'm selling. Do I need to fill that in on my self assessment once I sell the flat? Do I then give all the calculations, years etc of private residence relief and letting relief. Or is there no need to fill anything in?

00ec25

if you are already required to submit a self assessment tax return then you must complete the capital gains tax pages section even if you have no actual tax to pay. Whilst not physically required to show the detailed computation it is always advisable to do so in the free text box called "additional information" (box 54) as that shows HMRC that you knew what you were doing and got it correct

you do not send anything to HMRC other than the tax return itself