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capital gains tax, what will i need to know?
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Sorry to jump onto an old thread but we are in a similar position. Bought a house, lived in it for 3 years, had to move three hours away to live in work accommodation and hoped to move back but now can’t due to elderly relatives/work and about to sell it (completing next week). We have rented it out for 3.5 years. Are we also exempt from CGT or does the fact we rented it out make a difference? We have been filling in tax returns and paying tax on rental income every year.
I’d be grateful for any advice - the HMRC website is confusing on this matter.0 -
https://forums.moneysavingexpert.com/discussion/6109745/capital-gains-tax-only-property#latestsarah_hhhhhh said:Sorry to jump onto an old thread but we are in a similar position. Bought a house, lived in it for 3 years, had to move three hours away to live in work accommodation and hoped to move back but now can’t due to elderly relatives/work and about to sell it (completing next week). We have rented it out for 3.5 years. Are we also exempt from CGT or does the fact we rented it out make a difference? We have been filling in tax returns and paying tax on rental income every year.
I’d be grateful for any advice - the HMRC website is confusing on this matter.
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Yes, thank you - you were incredibly helpful originally but we’ve been told other things in the last week which has made us panic that letting it means we do need to pay...
If we are indeed exempt (which is wonderful if so) then do we still need to fill in the capital gains payment form once we sell? Or do we leave it as we don’t owe anything anyway.
I really appreciate your help.0
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