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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 bought my house in February 1995 for £64,000 and lived in

Resolved Question:

I bought my house in February 1995 for £64,000 and lived in it until February 2014 by which time it's market value was about £205,000. I then have rented the house since. What is the position with regard to capital gains tax, which would become due if I sold even now at a market value of £260,000 or in say two years time at, say, 280,000? If the value increases whilst the house is rented then I have no problem paying tax on that gain but what worries me is being liable for tax on any element of the gain in value in the period when it was my principal residence.
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.

Hello and welcome to JustAnswer. I am here to help you. I am reviewing your question and will respond to you shortly.

Expert:  taxadvisor.uk replied 1 year ago.

Thank you for your question.

I will do some CGT caluculations and come back to you. It may time a little while, so please bear with me.

many thanks

Expert:  taxadvisor.uk replied 1 year ago.

Thank you for your patience.

Attached are two CGT calculations showing sale in Oct 2016 and Oct 2018.

There will be no CGT payable in either scenario.

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.

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Expert:  taxadvisor.uk replied 1 year ago.

I thank you for accepting my answer.

Best wishes