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Private residence relief
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mizzbonita
Posts: 93 Forumite


I bought and lived in my flat from 2009 until 2021 when I then rented it out. I’m now selling it and am aware I have to pay CGT. Am
I right in thinking I will qualify for PRR for the months I occupied the property? Plus an extra 9 months of ownership? It’s still rented so I’m selling it with the tenant in situ, I have a buyer already.
I right in thinking I will qualify for PRR for the months I occupied the property? Plus an extra 9 months of ownership? It’s still rented so I’m selling it with the tenant in situ, I have a buyer already.
Any advice would be greatly appreciated
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Comments
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Yes, and you can also take buying and selling costs onto account.
There's a calculator on the government website here
Tax when you sell property: Work out your gain - GOV.UK (www.gov.uk)
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p00hsticks said:Yes, and you can also take buying and selling costs onto account.
There's a calculator on the government website here
Tax when you sell property: Work out your gain - GOV.UK (www.gov.uk)0 -
Also, I pay the basic rate of tax on my income salary and then pay tax on my rental income separately when I complete my tax returns. Would I pay the basic rate of CGT?That bit I’m confused about because the rental income would push me into the higher tax bracket but I pay the basic rate on my salary income.0
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mizzbonita said:Also, I pay the basic rate of tax on my income salary and then pay tax on my rental income separately when I complete my tax returns. Would I pay the basic rate of CGT?That bit I’m confused about because the rental income would push me into the higher tax bracket but I pay the basic rate on my salary income.1
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mizzbonita said:the rental income would push me into the higher tax bracket but I pay the basic rate on my salary income.
see example here: Working out CGT payable on disposal of house — MoneySavingExpert Forum1 -
Bookworm105 said:mizzbonita said:the rental income would push me into the higher tax bracket but I pay the basic rate on my salary income.
see example here: Working out CGT payable on disposal of house — MoneySavingExpert Forum0
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