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TaxRobin
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Category: Tax
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Experience:  International tax
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I have been renting out a second home years...thinking of

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I have been renting out a second home for 10 years...thinking of selling it now...all the income has been declared in annual tax return....if it sells at a profit....will the total income earned come in to the calculation for CGT ? And what will I have to show inland Revenue as regards ***** ***** income.? Is there a special form you have to fill in?if so what is it called ?
Submitted: 10 months ago.
Category: Tax
Expert:  TaxRobin replied 10 months ago.

Hello

Your gain is usually the difference between what you paid for your property and the amount you got when you sold it.

You can deduct costs of buying, selling or improving your property from your gain. These include:

  • estate agents’ and solicitors’ fees
  • costs of improvement works, eg for an extension (normal maintenance costs don’t count, eg for decorating)

You use Self Assessment to report. The Capital gains summary of Form SA 108.

You will want to read the notes for 108 if you intend to complete the reporting on your own

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/505151/sa108-notes_2016.pdf

Customer: replied 10 months ago.
What bearing does the received rental income have on it ...
Expert:  TaxRobin replied 10 months ago.

You have already declared that income. The gain is difference in cost and sale (less the expenses I mentioned before).

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Expert:  TaxRobin replied 10 months ago.

Checking to see if you responded

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Experience: International tax
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