Capital Gains Tax on sale of rental garage

in Cutting tax
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Lazydaisy42Lazydaisy42 Forumite
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Hi guys
Does anyone know how much you would pay CGT on the sale of a garage, and how to calculate or offset any of it?

The single garage was bought twenty years ago and is not linked to any other property. It is usually rented out, (and declared on Self Assessment) but has stood empty for two years.

If sold, it would make around £40,000 on top of the original price paid.

I am aware of the £12,300 allowance. I have spent money this year on repairs, but not on any ‘improvements’. My other income is in a low tax bracket and I am aged 61.

TIA in advance for any advice.


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