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TonyTax
TonyTax, Tax Consultant
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I have a property which I want to sell, It is my only property

Resolved Question:

I have a property which I want to sell, It is my only property but I have rented it out
for the last 5 years will I have to pay tax on the sale.
Terry
Submitted: 11 months ago.
Category: Tax
Expert:  TonyTax replied 11 months ago.
Hi. Let me take a look at this and I'll get back to you in a bit.
Expert:  TonyTax replied 11 months ago.
You might refer to HS283 for information on the main residence and CGT. In particular, Example 9 will be of interest. Assuming the property was your main home at some point, (ie you lived in it), the gain for that period will be exempt from Capital Gains Tax as will the gain for the last 18 months of ownership. In addition, as the property has been let as well as having been your main home at some point, you will be entitled to a further deduction from the gain called letting relief which will be the lesser of:1 £40,000,2 the sum of the gain for the period you lived in the property and the gain for the last 18 months of ownership and,3 the gain for that part of the letting period not covered by the last 18 months of ownership.If there is any gain left after the deduction of main residence relief, the last 18 months relief and letting relief, the first £11,100 of what is let will be tax free due to the annual CGT exemption. If you need help with calculating the gain, let me know. I hope this helps but let me know if you have any further questions.
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15847
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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