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I bought a second flat in August 1998 to rent out at the

Customer Question

I bought a second flat in August 1998 to rent out at the cost of £125000/00. It has been rented out since till 2007 and then I converted the flat into two units at the cost of approximately £100000/00. Both units have been rented out till now. Now I wish to refurbish one flat and move in as my main residence for at least one year and then hope to sell it. Can you please tell me what Amount of capital gain tax I am liable for. Or will it be more tax efficient if I short let it as holiday home for the year and then sell it.
Your advice will be much appreciated.
Submitted: 1 month ago.
Category: Tax
Expert:  bigduckontax replied 1 month ago.

Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question.

Can you please give me an indication of the net selling price you will receive so I can give you a ball park figure of your possible Capital Gains Tax (CGT) liability.

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