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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 7324
Experience:  FCCA - over 40 years experience as a qualified accountant (UK based Practitioner)
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I'm wondering if I let out my home how much capital gains

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I'm wondering if I let out my home how much capital gains tax i would have to pay when I sell.
JA: What are the assets or property for this capital gain?
Customer: Just my home, which i purchased in 2013 for 315,000. Its current value is around 500,000
JA: Anything else you want the Accountant to know before I connect you?
Customer: I've put about £50,000 into it in improvements

Hello and welcome to JustAnswer. I am here to help you.

Please advise

- how long you wish to let it for before you sell it.

- is it in joint names or in your sole name

- date of purchase
Many thanks

Customer: replied 12 days ago.
I've never let out my home before. But I'm wondering if I let it out for about the next 3--6 years and then sell, would i be liable for capital gains in the full difference between my purchase price and the sale price (minus deductions) or just the difference in is value now and the sale price.I would let it for at least 3 years.
I believe it's in both mine and my wife's name.
I bought the peppery on 27 June 2013

Thank you for your prompt reply. I will revert to you shortly with CGT computations based on fact the property is let for 3 years before resale.

Many thanks

Thank you for your patience.

Assuming there is no change in CGT legislation and property value remains at today's price, you maximum CGT payable is £1,512 per attached compuation.

My aim is to give you a professional service. I hope this is helpful and answers your question.

If you need more assistance, please use the reply box below and let me know. It has been my pleasure to assist you with your question.

Customer: replied 12 days ago.
Does it matter at all that I'm American and I'm now living in Hawaii? Do I still qualify for the same relief?

Thank you for your reply.

Provided you were residing in the property as your main residence then you would get private residence relief for the period the property was your main residence.

I hope this is helpful and answers your question.

Hi there

Just checking to see if you need more clarification/information or have I answered your question.

Many thanks

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Customer: replied 12 days ago.
You answered my question wonderfully! Thank you!

I thank you for your 5-star rating.

Your kind words are appreciated.

I'm glad I could help you resolve this today. Please follow up here if you have any other questions.

Best wishes.