Capital Gains Tax dilemma

[Ollyn]

Hello

I am considering whether to sell my house which has been let for some time and need to see how I can best deal with CGT.

I lived in the property from 1984 until 2006.

From 2006 it has been occupied by tenants, now vacant and being renovated.

Can anyone advise me on how I would be impacted by CGT. I would sell and buy another property.

Many thanks for any advice.

[theartfullodger]

You declare (online) and pay CGT within 60 days of sale. Depending on the numbers I would expect you to pay CGT. What records do you have of applicable costs, etc?

What you pay will depend on what CGT rules when you sell - v unlikely to be better than today, possibly worse. Covid, cost of leaving (Brex**it), Ukraine etc need paying for.

[ash72]

You should seek advice from an accountant, or a property tax for tailored advice to your specific circumstances, you may be entitled to some relief if the property at any time was your own principal residence.

[Gordon999]

You have owned the property for 38 years ( 1984 - 2022 ) and lived in the property for 22 Years ( 1984-2006 ) plus 16 years for letting..

The total capital gain over 38 years is apportioned between "residence period" ( exempt for cgt ) and "letting period" ( liable for cgt ) .

If total capital gain is, say, £200K over 38 years , then approx "letting period gain" = £200K x 15 /38 = £78K becomes taxable.