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Buachaill
Buachaill, Barrister
Category: Law
Satisfied Customers: 10534
Experience:  Barrister 17 years experience
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I've been rented my house that I'd previously lived in

Customer Question

Hello I've been rented my house that I'd previously lived in for around 9 years my rental period outside this nine years is two years and two months will I be liable for capital gains tax if I wish to sell my house in June of this year I purchased the house for £109.995 and will expect around £225,000 on sale could you help with this matter many thanks mr hay
Submitted: 1 year ago.
Category: Law
Expert:  Buachaill replied 1 year ago.
1. Dear Clinton, you will get principal private residence relief upon nine-elevenths of your gain plus the last 18 months when you rented out your house. This means you will get principal private residence relief upon 95.5% of your gain. Accordingly, if your taxable gain is £115,005, then you will get private residence relief upon 95.5% of that. About £109,000 of the gain. So you will be able to claim your annual allowance of £11,000 on the remainder so thereby reducing your tax to zero. Here is a link to the page in the Government website which sets out how to calculate your private residence relief when you have rented out your house for a period of its occupancy https://www.gov.uk/tax-sell-home/let-out-part-of-home
Expert:  Buachaill replied 1 year ago.
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