Capital Gains Tax on sale of rental garage

Lazydaisy42

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.

Jeremy535897

From what you say, it seems likely that the garage is not "residential property" and the gain (after deducting the annual exemption) would therefore be taxable at 10% or possibly 20%, depending on your taxable income. See https://www.gov.uk/capital-gains-tax/rates