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Capital gains liability on house sale...
Puflet
Posts: 58 Forumite
Basically, my situation is that I own my property outright; it's my main residence. I moved in in October 1995 and hope to sell next year.
HOWEVER... it was rented out from October 2011 for a total of 51 months. I've used an online calculator and as far as I can see there wouldn't be any CGT liability when I sell, if that was the only thing to be taken into consideration.
The issue now is that since April 2016 I've used one room (20% of the property) for business purposes - either producing my artwork or doing business-related admin. At the moment I only work from home for 18 hours/week and that's the basis on which I claim my tax allowance.
What I'd like to know is my CGT liability, if any, so I can mentally put the sum aside when looking for a new property. Does anyone know the formula for calculating what it's likely to be? I've looked all over the web to no avail!
Any information very gratefully received!
HOWEVER... it was rented out from October 2011 for a total of 51 months. I've used an online calculator and as far as I can see there wouldn't be any CGT liability when I sell, if that was the only thing to be taken into consideration.
The issue now is that since April 2016 I've used one room (20% of the property) for business purposes - either producing my artwork or doing business-related admin. At the moment I only work from home for 18 hours/week and that's the basis on which I claim my tax allowance.
What I'd like to know is my CGT liability, if any, so I can mentally put the sum aside when looking for a new property. Does anyone know the formula for calculating what it's likely to be? I've looked all over the web to no avail!
Any information very gratefully received!
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