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Property tax advice please
VfM4meplse
Posts: 34,269
Forumite
Are there any straightforward guides to UK property tax? I'm wondering whether to sell my former home (has been on the rental market for the last 6 months) but am not sure whether CGT applies? Also would owning another BTL property affect the tax paid? I assume CGT would apply if I were to sell that but am considering all options atm. I've paid double stamp duty on my current home when I bought 9 months ago and am wondering if I would get the additional 3% back if I sold within the next 9 months?
I've looked at the HMRC website but am not 100% sure.
I've looked at the HMRC website but am not 100% sure.
Value-for-money-for-me-puhleeze!
"No man is worth, crawling on the earth"- adapted from Bob Crewe and Bob Gaudio
Hope is not a strategy
...A child is for life, not just 18 years....Don't get me started on the NHS, because you won't win...I love chaz-ing!
"No man is worth, crawling on the earth"- adapted from Bob Crewe and Bob Gaudio
Hope is not a strategy
...A child is for life, not just 18 years....Don't get me started on the NHS, because you won't win...I love chaz-ing!0
Comments
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If you have moved out within the last 18 months and up to that point it was only ever your main residence then there would be no CGT to pay.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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so your question is about CGT, not tax on rental income?
you are struggling with the HMRC CGT website? In that case try my (hopefully) simpler guide:
https://forums.moneysavingexpert.com/showpost.php?p=73621764&postcount=2
sorry but the rules on when you can reclaim additional rate SDLT have been covered hundreds of times and are really easy, either you have, or have not, sold ("replaced") your previous main residence within the stated time limits. That is a question of fact.
https://www.gov.uk/hmrc-internal-manuals/stamp-duty-land-tax-manual/sdltm09800
https://www.gov.uk/hmrc-internal-manuals/stamp-duty-land-tax-manual/sdltm098090 -
I guessed so, but am not sure whether having a BTL property bears any influence on this?If you have moved out within the last 18 months and up to that point it was only ever your main residence then there would be no CGT to pay.Value-for-money-for-me-puhleeze!
"No man is worth, crawling on the earth"- adapted from Bob Crewe and Bob Gaudio
Hope is not a strategy...A child is for life, not just 18 years....Don't get me started on the NHS, because you won't win...I love chaz-ing!0 -
VfM4meplse wrote: »I guessed so, but am not sure whether having a BTL property bears any influence on this?
A different BTL property? No difference, that one will be hit by CGT if/ when you sell it.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Thanks.A different BTL property? No difference, that one will be hit by CGT if/ when you sell it.
It wasn't though - I have let it for the last 6 months, although lived in it prior to that for years. Does that make any difference to the tax burden?If you have moved out within the last 18 months and up to that point it was only ever your main residence then there would be no CGT to pay.Value-for-money-for-me-puhleeze!
"No man is worth, crawling on the earth"- adapted from Bob Crewe and Bob Gaudio
Hope is not a strategy...A child is for life, not just 18 years....Don't get me started on the NHS, because you won't win...I love chaz-ing!0 -
VfM4meplse wrote: »Thanks.
It wasn't though - I have let it for the last 6 months, although lived in it prior to that for years. Does that make any difference to the tax burden?
No it does not.
As silvercar said if you have moved out within the last 18 months and it was your main residence until then, there is no CGT to pay.
6 months ago is within the last 18 months. 0 -
Thanks to all for your responses :money:Value-for-money-for-me-puhleeze!
"No man is worth, crawling on the earth"- adapted from Bob Crewe and Bob Gaudio
Hope is not a strategy...A child is for life, not just 18 years....Don't get me started on the NHS, because you won't win...I love chaz-ing!0
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