Tax implications as selling property

Hi, I’m looking at selling a property but presume that I may have to pay capital gains tax. We bought the property a couple of years ago which we lived in and have rented it out for the past 7 months. Does anyone know who much this would be please and if there is any way to avoid this. Thank you in advance. Kind regards.

avoid/ You are joking. Gov website tells you the implications . how much is tax free and what to pay . also the fine/jail time for not doing so

The time that you lived in it and the last 9 months are tax free, and you get a £12,300 tax free allowance (each if jointly owned), so you might find you have no tax to pay.

If you owned it for 36 months, lived in it for say 24 months and didn’t live in it for 12 months (eg 7 rented and 5 whilst selling) then 3/36ths of the gain would be taxable (12 months that it was not your personal private residence less the last 9 months = 3 months taxable).

You can deduct buying and selling costs when calculating the gain, and any genuine improvements, but not routine repairs - so, for example, not the cost of decorating to sell - although you could probably deduct that from rental profits.

If you have tax to pay you have to report it and pay it within 60 days of selling.

This topic was automatically closed 90 days after the last reply. New replies are no longer allowed.