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Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5116
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I own one house I have never lived in worth £ 495000 approximent

Customer Question

I own one house I have never lived in worth £ 495000 approximent would I have to pay Capitat Gains tax . Is there ways around it thank you
Submitted: 2 years ago.
Category: Tax
Expert: replied 2 years ago.
Thank you for your question..Gains from sale of property is chargeable to CGT. There are reliefs and allowances available against this gain provided the property has been your main residence at some point during period of ownership - relief to cover period as main residence - final 18 months of ownership - letting relief (up to a maximum of £40k)You can mitigate CGT by moving into the property and making it your main residence for a period and then avail the above reliefs.If the property remains an investment (let property) for the whole duration of ownership then there is no way around of avoiding CGT on the whole gain, I'm afraid.More information on private residence relief can be found here 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.