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What rate of tax do you pay?
Any capital losses in the current financial year?
And what is your income?
No capital losses.
Income is £58,000 + £7,500 guaranteed bonus
Potentially the CGT is likely to be around £149,250.
Based on sale price of £675,000 less purchase price £130,000 less allowance £11,000 balance at 28%.
I thought the period I owned it without renting it out was CGT free
This will need to be double checked as the figure may vary depending on other factors - but is simple terms your liability could be around £149,250
No, CGT is payable on the gain in value as opposed to use. You might be sble to claim som tax relief while the property was empty.
Something that confuses me....is this taking into account the final 18 months relief.....the private residence relief, the maximum letting relief as set by the HMRC per owner (that I thought was £40k), the letting relief