Capital gain tax

Raf73

Hi everyone, I have a couple of questions regarding selling my house. 

2 years and 4 months ago we bought a bigger property, we extended and renovated and about 1 month ago we  finally moved in. 

So now we need to decide what to do with old house where we have lived for last 16 years. 

My questions are:

1) if we decide to sell it right away do we need to pay Capital gain tax on the sale? 

2) if we decide to rent it out for sometime would we need to pay CGT  eventually when we decide to sell it? 

3) who determines CGT which needs to be paid? Conveyance solicitor? Or who else? 

Thank you very much In advance for any information.
Best regards 
Raf

greatcrested

Raf73 said:

1) if we decide to sell it right away do we need to pay Capital gain tax on the sale? 

2) if we decide to rent it out for sometime would we need to pay CGT  eventually when we decide to sell it? 

3) who determines CGT which needs to be paid? Conveyance solicitor? Or who else? 

1) No. You are selling your main residence so there is no CGT

2) Probably - though it depends how long it was your main residence and how long it was rented

3) You do. Though your accountant or solicitor could assist. When you sell you will have 30 days to complete a Tax Return to HMRC and pay what you calculate you owe. HMRC may accept your calculation,or may contest it.

I assume when you bought the bigger property 2 years ago you paid the addiional 3% 2nd property SDLT? You can claim this back if you sell your main residence (the original house you've been living in) within 3 years.

Raf73

Thank you very much for your help and advices! 

Yes the idea is to get back extra stamp duty we paid and avoid paying any capital gain tax. 

We just need to sell it promptly. 

Kind regards 
Raf