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Sam
Sam, Accountant
Category: Tax
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I have a two story house that I paid £68,000 24 years ago

Customer Question

I have a two story house that I paid £68,000 24 years ago and it is my main residence. I need to down size and I am considering making the upstairs into a self contained flat that I would expect to sell for approx £125,000 and for me to live in the ground floor. My house as it stands has been valued at £235,000. I am 73years old and receive the basic rate of pension and pay no tax. Would I have to pay CGT if so approximately how much. I would still be the feeholder.
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.

Hi.

Can you tell me what you consider the flat you intend to live in will be after the conversion please.

Expert:  TonyTax replied 1 year ago.

Do you have any idea as to what it will cost to convert the house into two flats?