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capital gains tax
guitarlady
Posts: 7 Forumite
Hope you clever people can help. Am going to sell a property (buy to let mortgage). Lived in Prop for 1 year and have had it for a further 4 years. What's the situation re: capital gains tax at minute? bit confused about sliding scale and if this is stopping soon. Any help much appreciated.
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Comments
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it depends upon the facts of the matter
perhaps you could give some details0 -
Oh, don't know what you need. I am working and pay basic rate. After mortgage is paid off on house, how much capital gains tax will I be liable for. Is it 20% of (profit minus allowance) think allowance is about £9000 or so. There is a sliding scale that I don't understand which I might be entitled to as it was once my domicile residence.0
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You will be exempt from CGT for the time it was your principal private residence and the last three years of ownership. The calculation is actually done in months, but out of 5 yrs ownership it looks like only a fifth would be chargeable. Added to that you have letting relief (max 40k) and your CGT allowance 9.2k currently.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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