Do I have to pay capitol gains tax?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Do I have to pay capitol gains tax?

    I am currently living with my parents and have rented my flat out, this is the only property I own, and I lived there 12 years renting and 1 year as an owner. I am happy to move back in if this helps me to not have to pay capitol gains. Just read somewhere if its your principle home theres no capitol gains due

    #2
    When did you buy it, between what dates did you live in it, rent it out and when do you plan to sell it?
    When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
    Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

    Comment


      #3
      1. The calculation of capital gain starts from the date of purchase of your property up to date of your sale date. If you paid 100K and sold for 160K , then your capital gain is 60K. The capital gain during period of living at the property + 18 months after moving away is exempt from capital gains tax.

      2. If you lived at the property for one year and then moved out , then you can claim exemption for the first 2.5 years.

      3. If you want to know more, you have to answer the questions raised by jpkeates.

      Comment

      Latest Activity

      Collapse

      • New to Renting out my property - Some tax questions
        by mucker973
        Hi All,
        I have a property I used to manage myself. The tenant paid me directly and I never declared it with the taxman. Going forward I have decided to use a letting agent to manage all of this. I currently reside abroad and when filling in the forms there is question which essentially is asking...
        24-06-2022, 07:39 AM
      • Reply to New to Renting out my property - Some tax questions
        by DoricPixie
        Your tax situation in Australian depends on whether you’re a permanent resident/citizen or a temporary resident. If you’re a temporary resident you find yourself in tax sweet spot where HMRC doesn’t care about your Australian income and assets and the ATO doesn’t care about your UK income and...
        24-06-2022, 14:29 PM
      • Reply to New to Renting out my property - Some tax questions
        by Gordon999
        If you are living overseas, you must register as a non-resident landlord using NRL1 form to Tax Office if you receive rental income from a UK property. If you don't register , the letting agent is required to deduct 25% tax on any rental money paid to you.

        After being registered...
        24-06-2022, 09:31 AM
      • Reply to New to Renting out my property - Some tax questions
        by jpkeates
        https://www.gov.uk/government/public...g-a-disclosure

        There's a "not quite an amnesty" operating at the moment.
        24-06-2022, 09:02 AM
      • Reply to New to Renting out my property - Some tax questions
        by mucker973
        Thanks JPkeates, I knew you'd know!

        I've been thinking of reporting it for a while. If I declare these past "earnings" do you think I'll just have to pay the tax (if there is any) or do you think there will be any penalties? Penalties are usually applied when you are caught out...
        24-06-2022, 08:47 AM
      • Reply to New to Renting out my property - Some tax questions
        by jpkeates
        I don't know what the situation is with Australian tax on UK rented property, and you'd probably better enquire locally.

        There are two different things to address.
        If you've been receiving income and not declaring it, you need to own up and pay what you owe - which sounds like nothing...
        24-06-2022, 08:32 AM
      • Reply to New to Renting out my property - Some tax questions
        by Covent Garden Girl
        Your questions are more complicated than you imagine.

        1) Yes, firstly as a non resident landlord, the agent or indeed tenants have to deduct tax at source, or you have to send off a form, but also wait for HMRC to send confirmation that they think it is okay for you not to have the tax...
        24-06-2022, 08:17 AM
      • Are utility bills tax-deductible?
        by Bigpat
        I've had a buy-to-let on a standard Assured Shorthold Tenancy for a few years and my tax return has been pretty simple. But since last year I have also had two lodgers, staying with me at my own residential property. Now I have purchased a small additional property, which I have moved into myself and...
        21-06-2022, 14:26 PM
      • Reply to Are utility bills tax-deductible?
        by jpkeates
        Even if you don’t need a licence, managing an HMO can be quite onerous. You’ll need a fire risk assessment, and then to comply with its requirements as a first step.

        That usually means fire retardant doors, different door locks, hard wired fire and smoke and heat alarms for a start....
        24-06-2022, 07:08 AM
      • Reply to Are utility bills tax-deductible?
        by Bigpat
        Thanks. Yes I checked the local authority who said that only "large" HMOs have to be licensed, and that counts as 5 or more tenants.

        I had no idea that separate TV licences would be required. How do HMO landlords usually handle this?
        (a) should I purchase three additional...
        23-06-2022, 21:38 PM
      Working...
      X