How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5147
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
Type Your Tax Question Here... is online now

I bought a property in july 2012, I lived there months

This answer was rated:

I bought a property in july 2012, I lived there for 6 months then rented it out as I could not afford to stay there. I am now selling it will I have to pay capital gains tax on the difference between purchase price and sale price.
Thank you for your question. I doubt you will have to pay any CGT as your gain would be covered by private residence relief and letting relief. There is also gains allowance of £11,100 to avail after all reliefs.It was your main residence for 6 months and then the property was let (letting relief is available on residential property provided it has been your main residence at some point during period of ownership). Furthermore, final 18 months of ownership are covered by relief.More information on private residence relief can be found here 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. and other Tax Specialists are ready to help you
I thank you accepting my answer.

Best wishes.