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Capital Gains Tax
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clukka24
Posts: 8 Forumite

My flat is rented out to a tenant. I am selling the property at the end of their tenancy and buying another property with the proceeds.
I am currently living in rented accommodation and have been for two years , whilst renting out my flat.
Will I be liable for CGT?
I bought the flat for £200k and it will possibly sell for £300k, would I pay CGT on the profit, less my allowance of £12300? Or would I pay CGT at all, if buying another place immediately?
thanks to anyone who can help me or point me to someone who could please?
thanks to anyone who can help me or point me to someone who could please?
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Comments
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You'd pay CGT on the £100k minus the expenses of buying it and selling it ( the EA fees, legal fees etc) minus The CGT allowance.
What you do with the proceeds afterwards, be that buy another house, a Lamborghini or a crate load of fluffy kittens, makes no difference to your CGT liability.4 -
Yes, you may be liable for CGT.
What you do with the proceeds of the sale is irrelevant to the liability. It's purely based on the gain in capital of that particular asset.1 -
Great, thanks0
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Of course, if you have recently sold that Lamborghini at a profit and already used your CGT allowance for this year, you cannot claim it a 2nd time...
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Depends if CGT rules when you sell. These rules change!
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It may be worth moving into the property before 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
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greatcrested said:Of course, if you have recently sold that Lamborghini at a profit and already used your CGT allowance for this year, you cannot claim it a 2nd
allconected.0 -
silvercar said:It may be worth moving into the property before you sell it.0
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