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Capital Gains on a 2nd Property
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An accountant who doesn't understand CGT is not a very good accountant.I suppose there are many types of accountant. I have someone that does my tax return for my rent but would they be an expert in capital gains? I will ask them. Thanks
An accountant who doesn't understand rental property taxation is not a great accountant to entrust your rental property taxation to.0 -
I’m expecting to clear about 35k when selling the flat. I believe 12k I won’t pay tax on. I have lived in the flat so I suppose that remaining value of 23k should reduce due to the ratio of years I’ve lived and rented it for.
How do you define "clear"? If it is the amount left after paying off the mortgage then you are looking at the wrong figure.
You want the selling price less the purchase price less the buying ans selling costs.So out of 20yrs with the flat It would have been my main residence for 9 of them
So you would have PPR for the 9 years out of 20 it was your main residence, plus the last 18 months of ownership. So already that 35k (if it is that high) has halved.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 -
It’s interest only so that assumption is after cost of sales and paying back what I paid for it. I will speak to an accountant nearer the time. Thanks6kWp system, 20 x 300W Longi Solar panels with a Solis 6.0 inverter + Wifi and iBoost
22deg pitch East to west 12 panels on the East and 8 on the West0
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