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TaxRobin
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 15589
Experience:  International tax
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WE HAVE SOLD OUR FLAT AND NEED TO KNOW WHAT CAPITAL GAINS

Customer Question

wE HAVE SOLD OUR FLAT AND NEED TO KNOW WHAT CAPITAL GAINS TAX WE
HAVE TO PAY ON IT. PLEASE HELP
Submitted: 1 year ago.
Category: Tax
Expert:  TaxRobin replied 1 year ago.
HelloYou may have to pay Capital Gains Tax if you make a profit (‘gain’) when you sell property that’s not your home.You don’t pay Capital Gains Tax when you sell your home if all of the following apply:you have one home and you’ve lived in it as your main home for all the time you’ve owned ityou haven’t let part of it out - this doesn’t include having a single lodgeryou haven’t used part of it for business onlythe grounds, including all buildings, are less than 5,000 square metres (just over an acre) in totalyou didn’t buy it just to make a gainYou don’t need to do anything. You’ll automatically get a tax relief called Private Residence Relief. This includes a flat. If this was your main home you do not have tax to pay.If my answer addressed your question please rate below or above (let me know if you have difficulty as I believe the system changed), if you need more information reply below.