Capital gains tax - how calculated?

alexscoines

How is capital gains tax calculated? If we moved out to rented and then sold in say 3 years, I heard that you only pay a % depending on time renting and the time you lived in it (14 years!)

Help?

Pixie5740

alexscoines wrote: »

How is capital gains tax calculated? If we moved out to rented and then sold in say 3 years, I heard that you only pay a % depending on time renting and the time you lived in it (14 years!)

Help?

There are lots of threads explaining the mechanism for the CGT calculation such as this one:

https://forums.moneysavingexpert.com/showpost.php?p=69071134&postcount=6

However, there were changes announced in the budget. At the moment you don’t have to pay any CGT for the years you lived in the property, plus an additional exemption for the final 18 months that you owned it, even if you weren’t living there at the time. From April 2020 this final period exemption will be cut to nine months.

Also from April 2020 you won't be able to claim letting relief unless you are sharing occupancy of the home with the tenant which you will not be doing.

00ec25

since all you want is facts surely you can read them for yourself

https://www.gov.uk/capital-gains-tax

https://www.gov.uk/government/publications/budget-2018-documents/budget-2018

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/753605/Budget_2018_overview_of_tax_legislation_and_rates__OOTLAR_.pdf