Hi. My name is*****'m looking at your question now and will post my answer or ask for more information here in a short while.
How much did the property cost to buy?
Leave this with me while I do some calculations.
You didn't say how much the letting agent fees are each month.
If you sell the property for £460,000 having paid £330,000 to buy it, you will make a gain of £130,000. Deduct the annual CGT exemption of £11,100 and you are left with a net taxable gain of £118,900. You can reduce the gain by claiming for buying and selling legal fees, stamp duty, survey fees and selling agent fees.
I have calculated an annual rental profit of £8,297 (£20,100 - £6,393 mortage interest - £2,517 service charge, £240 insurance and £2,653 letting agent fee inclusive of VAT). Pro-rata for the period from 6 April 2016 to 10 November (8 months) the profit is £5,531. Add that to your salary and you have an income of £40,531. That means, you will have about £2,469 of the 20% tax band which can used to tax part of the net taxable gain at 18%. So, your CGT will be about £33,045.10 (£2,469 @ 18% + £116,431 @ 28%). It cannot be taxed at more than 28%.
I hope this helps but let me know if you have any further questions.
You cannot pay more than 28% in CGT. If you sold the property for the same price in November 2017 and assming there no changes to CGT law, all the gain may be chargeable to CGT at 28% because of the way that tax relief will be given for mortgage interest from 6 April 2017 so you would pay £246.90 more in CGT.
If a property has been your main home at some point, then you are given the last 18 months of ownership as a CGT free period also. It would also give you access to letting relief which can be worth as much as £40,000 off the taxable gain. See Example 9 here.
There is no set period that you need to live in the property but if I were going to do it, I'd live in it for at least a year. However, if HMRC consider that your main reason for moving in was to avoid paying CGT, they will seek to tax you on the full gain.
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