Capital Gains Tax

methekidsandthecat

Hi

I am not sure if anyone can give me some advice? But here goes.....

I lived in one house but could not sell to move into a village so I ended up renting a house for us and renting my old house. I then managaed to sell and used the funds to purchase a house that is my home. In all the old house was rented out for a total of 18months. During this time I did self assessment form and did not have to pay any additional tax as there was no profit.

Any way I had forgotten about this until I got a fine for non submission of self assessment form and when I queried this with the tax office they have said I may need to pay Capital gains tax. I am now very worried as there is no equity left as I paid off debt and placed a deposit on the family home.

I would be very grateful for any advice as to what to say to the tax office or where to go for further information. Many thanks
Me.
.

CLAPTON

give us some more detail

the dates when things happened
the amounts of rent involved
when you received and sent off self assessment forms
other relevant things

methekidsandthecat

Will look out the info at the weekend

---

not very organised so it will take a while

Anon

I stand to be corrected, but if you lived in the property as your only/main residence then rented it out and sold within 18 months of moving out, you would not be liable to CGT as there is a 3 years period from when you move out?

Anon

silvercar

Anon wrote: »

I stand to be corrected, but if you lived in the property as your only/main residence then rented it out and sold within 18 months of moving out, you would not be liable to CGT as there is a 3 years period from when you move out?

Anon

I agree, the last 3 years of ownership are exempt from CGT if the home has been your principal private residence previously.