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james bruce
james bruce, Solicitor-Advocate
Category: Property Law
Satisfied Customers: 7562
Experience:  Owner at James Bruce Solicitors
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I am about to sell my one and only house worth £130 k. I

Customer Question

I am about to sell my one and only house worth £130 k . I have worked away for 3.5 years and rented my house out so I believe I have to pay capital gains tax? My teachers pension is taxed at the basic rate. Am I correct in expecting to pay tax on my gain of £70 K at a rate of 18%
JA: Because education law varies from place to place, can you tell me what location this is in?
Customer: Education law?
JA: Has anything been filed or reported?
Customer: No
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: The house is being sold in the North West of England
Submitted: 19 days ago.
Category: Property Law
Expert:  james bruce replied 19 days ago.
Hello, I hope you are well. My name is***** am a solicitor advocate and  I will be assisting you with your question today. I am very sorry to hear of the problem you are experiencing and I will do my best to help you with this matter. 

Customer: replied 19 days ago.
Just to add I lived in my house for 15 years before moving away and did not buy it to make money out of
Customer: replied 19 days ago.
I just need a simple answer for now thanks. I can always speak on phone another day if necessary
Expert:  james bruce replied 19 days ago.

If the property was not your main residence for the last two years CGT would be payable.

As a standard rate taxpayer that would indeed be the 18% rate.

You can of course deduct your annual CGT allowance which is £12,300 before calculating the gain.

Customer: replied 19 days ago.
My tax allowance is used up by my pension. I still pay tax after the allowance of course but is CGT different from my ordinary tax allowance?
Expert:  james bruce replied 19 days ago.

Yes, CGT is a separate personal allowance for capital gains (in addition to your personal allowance for income)

Customer: replied 19 days ago.
Thank you soooo much. Do I get any relief for Mortgage interest, improvements etc?
Expert:  james bruce replied 19 days ago.

Sorry I cannot help with mortgage relive matters

Customer: replied 19 days ago.
O.K Thank you
Expert:  james bruce replied 19 days ago.

I belief you can , the link here may help.

https://www.gov.uk/tax-sell-home/work-out-your-gain

Thank you for using Just Answer and for allowing me to assist you with your legal enquiry. I am pleased I was able to be of assistance. Please do not hesitate to come back to me for further advice on this or any other legal matter. It will be my pleasure to be able to assist you again. n

Customer: replied 19 days ago.
Thank you!
Expert:  james bruce replied 19 days ago.

your welcome.