Selling second home

craftyjo46

I purchased a home in my name for my dissabled brother needing 24hr live in care in 2021.near me so I can keep an eye on his care.
i have gone through 3 agencies due to poor care and property damage and now have had enough and need to sell and get him specialist residency care.
My health has deteriorated and need the money for my move to a home with adaptations for my needs.i am a non tax payer my husband is on state pension,
What are my tax implications.
regards Elizabeth 

grumpy_codger

CGT springs to mind - Capital gains tax

As it's not your main residence, the annual exempt amount doesn't apply.

Flugelhorn

yes CGT likely payable but this will be tax on the increase of the property price, not the whole amount - so you will be left with some profit - there are some allowances that can be taken off the amount

Keep_pedalling

grumpy_codger said:

CGT springs to mind - Capital gains tax

As it's not your main residence, then the annual exempt amount doesn't apply.

The annual allowance does apply, its primary residence relief that does not apply.

As the time between purchase and selling is quite a short one any CGT due will be quite small. To work out your taxable gain you take the selling price less the purchase price, less the buying and selling costs less your annual CGT allowance of £3,000 (providing it has not been used on any other gains).

If you spent any money on adaptions such as a walk in shower then you should also be able to deduct those costs as well. 

If there is any taxable gain left after all that it will be taxed at 18%