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  • FIRST POST
    • DrPepper123
    • By DrPepper123 13th Apr 18, 4:18 PM
    • 40Posts
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    DrPepper123
    Capital Gain Tax on rented property if previously your home
    • #1
    • 13th Apr 18, 4:18 PM
    Capital Gain Tax on rented property if previously your home 13th Apr 18 at 4:18 PM
    Hi all, i am totally confused on this subject.

    The property in question I bought as my home and I lived there for 3 years, I then met my now hubby and moved in with him and rented my property. Its been rented out now for 8 years.

    If we were to sell now would we pay CGT? The property is jointly owned.

    Thanks
Page 1
    • Slithery
    • By Slithery 13th Apr 18, 4:25 PM
    • 663 Posts
    • 1,028 Thanks
    Slithery
    • #2
    • 13th Apr 18, 4:25 PM
    • #2
    • 13th Apr 18, 4:25 PM
    Impossible to say without more information...

    Purchase date of property?
    Dates you lived in property?
    Potential sale date of property?
    Value of the property when purchased?
    Value of the property when sold?


    Also when did the property change from your ownership to joint ownership? Were the appropriate taxes paid at the time?
    Last edited by Slithery; 13-04-2018 at 4:27 PM.
    • shirlgirl2004
    • By shirlgirl2004 13th Apr 18, 4:25 PM
    • 2,800 Posts
    • 4,483 Thanks
    shirlgirl2004
    • #3
    • 13th Apr 18, 4:25 PM
    • #3
    • 13th Apr 18, 4:25 PM
    You ignore any capital gain for the 3 years you lived there plus the last 18 months is my understanding.

    You would both have a capital gains allowance to deduct from the capital gains. The rate at which you would pay CGT depends on the rate at which you pay tax.
    Last edited by shirlgirl2004; 13-04-2018 at 4:28 PM.
    • 00ec25
    • By 00ec25 13th Apr 18, 5:47 PM
    • 6,242 Posts
    • 5,761 Thanks
    00ec25
    • #4
    • 13th Apr 18, 5:47 PM
    • #4
    • 13th Apr 18, 5:47 PM
    this is a detailed example showing exactly how to work out if you have a CGT liability when selling a house you used to live in and then let before selling

    it is actually pretty straightforward to calculate, just follow the steps...

    http://forums.moneysavingexpert.com/showpost.php?p=73621764&postcount=2
    • 00ec25
    • By 00ec25 13th Apr 18, 5:49 PM
    • 6,242 Posts
    • 5,761 Thanks
    00ec25
    • #5
    • 13th Apr 18, 5:49 PM
    • #5
    • 13th Apr 18, 5:49 PM
    You would both have a capital gains allowance to deduct from the capital gains.
    Originally posted by shirlgirl2004
    you can't say that until OP confirms if hubby was an owner.
    Given she left the property and moved in with hubby it may well be the place she purchased on her own and hubby never became a co owner...
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