What tax do I have to pay on sale of second property/rent income?

uknick

vincent.lee wrote: »

.......
So am I correct in assuming that if I was to buy a property in January 2019 for £10k, then rent it out for 6 months, then sell it in June 2019 for £20k, the sales income falls under CGT, and I can still list the stamp duty, buying and selling fees, as tax deductible amounts?.....

Yes, in the normal course of events.

vincent.lee

Pennywise wrote: »

No, renovations, purchase/selling costs etc are capital and are deductions in the capital gains computation upon selling. They're not allowable against rental income.

I see, thank you.

One more question: If I was to sell a property, and incur £20k profits from the sale, would I be correct in assuming that I would have the annual exemption of £11.7k applied to that £20k, THEN I can apply my further tax deductibles (such as renovation, buying/selling fees) on the remaining £8.3k to further reduce the taxable amount?

00ec25

vincent.lee wrote: »

One more question: If I was to sell a property, and incur £20k profits from the sale, would I be correct in assuming that I would have the annual exemption of £11.7k applied to that £20k, THEN I can apply my further tax deductibles (such as renovation, buying/selling fees) on the remaining £8.3k to further reduce the taxable amount?

why do you not read the links you have been given?
basic facts are explained in them
https://www.gov.uk/tax-sell-property/work-out-your-gain

and then use the calculator on there

Linton

vincent.lee wrote: »

I see, thank you.

One more question: If I was to sell a property, and incur £20k profits from the sale, would I be correct in assuming that I would have the annual exemption of £11.7k applied to that £20k, THEN I can apply my further tax deductibles (such as renovation, buying/selling fees) on the remaining £8.3k to further reduce the taxable amount?

You work out your net gain and then deduct the CGT tax allowance.