Sold rental property that was my bachelor pad - capital gains tax?

kaggi

I’ve just sold my flat that was my home when I was single.  It’s been rented out for a number of years so I thought I only needed to pay capital gains tax on the proportion of gains for the years it was rented.  But I’m struggling to see how to do this on my self assessment and I am starting to panic I’ll need to pay capital gains on it all.  Is anyone able to help point me in the right direction? 

macman

You calculate it on a monthly basis: the total no. of months owned, less the months you lived in it, less the last 9 months. The gain is assumed to be the same for each month.
You can offset the purchase and sale costs, plus any improvement (not maintainance) costs.
You don't report it via SA, you do it online via the property CGT part of .gov.uk. This must be done within 60 days of completion.

p00hsticks

There's a calculator here
Tax when you sell property: Work out your gain - GOV.UK (www.gov.uk)  

kaggi

Thanks - I thought I could do it via my self assessment as there is a part on Capital Gains on that - no wonder I couldn't find it.  And now you have told me where to go it was so easy - thanks.  

theartfullodger

Reported AND PAID within 60 days...