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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4996
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I have a property on rent in Wembley however I am leaving

Customer Question

I have a property on rent in Wembley however I am leaving in Ickenham on a rented property. If I sell my property in Wembley in order to buy a house in Ickenham for my residential purposes do I have to pay any capital gains tax?
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your question.Please advise -Has the property in Wembley ever been your main residence? Many thanks
Customer: replied 1 year ago.
No
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your prompt reply.As the property in Wembley has never been your main residence but an investment property for CGT purposes, any gain from sale of it would be chargeable to CGT, I'm afraid.You will claim gains annual allowance against the gain and the balance would be chargeable to CGT at 18%, 28% or a combination of both.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-2016 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.