Capital Gains Tax (CGT) on only property

PhilS72

Apologies if someone already asked this question. I couldn't find anyone's post detailing the same situation.

I've just sold the only property I ever owned. Because I got a job elsewhere as I was beginning to buy the property, I've never lived in it and have always rented it out. I've always been in rented accommodation, ever since I bought the place. I've also been upfront about rental income and have declared it through self assessment.

Looking at the government website regarding CGT on property, I infer that I definitely have to pay CGT. Am I interpreting that correctly? Has anyone else been in this situation? Would be grateful for any insights.

Thanks.

Mr_Taxtastic

If you sold it for more than you bought it for then yes, you will have CGT to pay. (Subject to the amount of gain and your annual exemption)

You will not get PPR relief as you never lived there.

BarmyG

Hi

I've been trying to find out whether I have any tax liability for selling my old house for more than the purchase price of my new house. Sold for £220K, bought for £180K, once moving costs, taxes, fees etc paid, I have £29K. I have already put some in a cash ISA, and plan to use the vast majority to remodel my new home. I'm a full time worker, on about £20k salary.

Ta

CLAPTON

PhilS72 wrote: »

Apologies if someone already asked this question. I couldn't find anyone's post detailing the same situation.

I've just sold the only property I ever owned. Because I got a job elsewhere as I was beginning to buy the property, I've never lived in it and have always rented it out. I've always been in rented accommodation, ever since I bought the place. I've also been upfront about rental income and have declared it through self assessment.

Looking at the government website regarding CGT on property, I infer that I definitely have to pay CGT. Am I interpreting that correctly? Has anyone else been in this situation? Would be grateful for any insights.

Thanks.

the situation is a little complicated

If you bought the house with the full intention of living there but due to change of job (or job related circumstances) could not live there, then there is an exemption so you pay no CGT.

Why not phone the HMRC and enquire about this... you dont need to give your name if you dont want to.

CLAPTON

BarmyG wrote: »

Hi

I've been trying to find out whether I have any tax liability for selling my old house for more than the purchase price of my new house. Sold for £220K, bought for £180K, once moving costs, taxes, fees etc paid, I have £29K. I have already put some in a cash ISA, and plan to use the vast majority to remodel my new home. I'm a full time worker, on about £20k salary.

Ta

if you actually lived in the house as your principal private residence then there is no CGT applicable