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Capital Gains Tax confusion!
rewindrooms
Posts: 19 Forumite
Hi all, I'm desperate for some advice. My ex and I bought a house together in Summer 2018 for £265,000. We separated and I moved out in May 2023. We are now looking to sell the house for around £360,000. It has been pointed out that capital gains tax would need to be paid on this as it has not been my main residence since 2023. I'm trying to work out how much the total CGT might be should the house sell for £360,000 given my circumstances but I keep finding conflicting information. Any help would be massively appreciated. Thank you!
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Comments
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Very roughly £3250 max, but so many things to consider.
https://www.gov.uk/capital-gains-tax0 -
Months not lived in divided by Months owned = percentage of increase liable to CGT.
The amount depends on allowables and the rate you pay on your income.If you've have not made a mistake, you've made nothing1 -
Have a look at https://www.gov.uk/tax-sell-property/work-out-your-gain. You get a £3500 allowance. When you lived there you qualify for private residence relief so it will only be small fraction of total gain that will be actually taxable, not all of the gain.Indecision is the key to flexibility
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