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Capital gains tax
Gemc1234
Posts: 2 Newbie
in Cutting tax
I bought a house Sept 2004 for £74,000 which I lived in until August 2018 when I bought another house with my partner. We let it out from September 2018 and the current tenants are moving the end of next month. We're thinking about selling but worried about being hit with a massive capital gains tax bill. We think the house will sell for £110,000 so that would be a profit of £36,000. Can anyone advise if we will be liable to pay capital gains tax?
0
Comments
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As it was your main residence for the majority of your ownership there will be no taxable gain on that level of gain.0
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You are far more likely to owe income tax on the profit from renting it out that any Capital Gains Tax, particularly as only a proportion of any mortgage interest can now be claimed as as expense against the rental income.0
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That's great, thank you for replying.0
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