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TaxRobin
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 15741
Experience:  International tax
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My husband and I own a commercial property that our company

Customer Question

My husband and I own a commercial property that our company has rented for 15years and has paid rent on which I have paid tax and are,we are now looking to sell the property what will the tax implications be?
Submitted: 1 year ago.
Category: Tax
Expert:  TaxRobin replied 1 year ago.
Hello
Expert:  TaxRobin replied 1 year ago.
One sec while I look at the new rules
Expert:  TaxRobin replied 1 year ago.
You may have to pay Capital Gains Tax if you make a profit (‘gain’) when you sell . Your gain is usually the difference between what you paid for your property and the amount you get when you sell.You can deduct costs of buying, selling or improving your property from your gain. These include:estate agents’ and solicitors’ feescosts of improvement works, eg for an extensionYou will need to work out your gain.