We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
Capital gains tax, how does it work?
mizzbonita
Posts: 93 Forumite
I bought my flat in 2009 and lived in it up until 2021 when I then rented it out. It has been rented out for 2 years now and I’m looking to sell it in the next few months.
I haven’t moved back in as the tenant still resides there.
How does CGT work? Is it pro rata? Do I get a relief?
0
Comments
-
The clue is in the name: You pay TAX on the CAPITAL GAIN under the CGT processes and procedures - importantly those operating when you sell. ie you and I don't know what they will be.
Property sales often muddle along slowly and you have tenants to evict/leave (can take longer than you might expect).
iirc there are various online calculators but note they operate under current rules.
Currently CGT must be declared and paid within 60 days of sale.
Artful: Sold 3.5 houses , CGT due on all, in past 5 years.0 -
theartfullodger said:The clue is in the name: You pay TAX on the CAPITAL GAIN under the CGT processes and procedures - importantly those operating when you sell. ie you and I don't know what they will be.
Property sales often muddle along slowly and you have tenants to evict/leave (can take longer than you might expect).
iirc there are various online calculators but note they operate under current rules.
Currently CGT must be declared and paid within 60 days of sale.
Artful: Sold 3.5 houses , CGT due on all, in past 5 years.
Thanks.theartfullodger said:The clue is in the name: You pay TAX on the CAPITAL GAIN under the CGT processes and procedures - importantly those operating when you sell. ie you and I don't know what they will be.
Property sales often muddle along slowly and you have tenants to evict/leave (can take longer than you might expect).
iirc there are various online calculators but note they operate under current rules.
Currently CGT must be declared and paid within 60 days of sale.
Artful: Sold 3.5 houses , CGT due on all, in past 5 years.I guess what I’m asking is, so I pay CGT on my full gains since I purchased in 2009 or do I get some relief as I lived in the property until 2021 when I let it out?0 -
-
The link doesn’t work ☹️0
-
I profoundly apologise: Did you give LMGT enough time to run??
If it still fails, google "CGT Calculator Property"2 -
Thank you I will have a look at this later 😊theartfullodger said:I profoundly apologise: Did you give LMGT enough time to run??
If it still fails, google "CGT Calculator Property"0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 349.8K Banking & Borrowing
- 252.6K Reduce Debt & Boost Income
- 453K Spending & Discounts
- 242.8K Work, Benefits & Business
- 619.6K Mortgages, Homes & Bills
- 176.4K Life & Family
- 255.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 15.1K Coronavirus Support Boards