CGT on BTL

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  • CGT on BTL

    Hi,

    I am thinking about selling a BTL I have and was wondering what rate of CGT tax I would pay. I am currently a high rate tax payer and not married.

    The Flat is worth about £175K and I have owned it for 12 years.

    Thanks Ian

  • #2
    Since 6 April 2008, there has only been a single CGT rate of 18%.

    Indexation and Taper Relief have been scrapped.

    Have you ever lived in it as your only/main residence?

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    • #3
      Hi,

      Yes I lived there for 8 years. Will this effect the tax ?

      Thanks Ian

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      • #4
        Yes, if it was your residence (= home).

        PPR (Principal Private Residence) for the 8 years (and last 36 months of ownership, if relevant) and Lettings Relief may mean you have little or no CGT liability.

        Have you read the Inland Revenue's Help Sheet IR283 which deals with CGT for private residences?

        It is downloadable from their website.

        http://www.hmrc.gov.uk/helpsheets/ir283.pdf

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        • #5
          Thank you...that's great Ian

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