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taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I bought a property in july 2012, I lived there months

Resolved Question:

I bought a property in july 2012, I lived there for 6 months then rented it out as I could not afford to stay there. I am now selling it will I have to pay capital gains tax on the difference between purchase price and sale price.
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your question. I doubt you will have to pay any CGT as your gain would be covered by private residence relief and letting relief. There is also gains allowance of £11,100 to avail after all reliefs.It was your main residence for 6 months and then the property was let (letting relief is available on residential property provided it has been your main residence at some point during period of ownership). Furthermore, final 18 months of ownership are covered by relief.More information on private residence relief can be found herehttps://www.gov.uk/government/publications/private-residence-relief-hs283-self-assessment-helpsheet/hs283-private-residence-relief I hope this is helpful and answers your question. If you have any other questions ,please ask me before you rate my service – I’ll be happy to respond.
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Expert:  taxadvisor.uk replied 1 year ago.
I thank you accepting my answer.

Best wishes.