Advice re: CGT

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    Advice re: CGT

    Hi,

    We have one rental property that we want to sell. We lived in the property
    from 1996 till Jan 2006 as our main residence and have let it out ever since. The property if sold would make approx £60,000 profit.

    Can we avoid paying any tax?

    We own the property 50/50 are not married etc and pay 20% tax on our wages.

    Really appreciate some sound advice....

    EMILY...

    #2
    There will be no tax to pay at all.

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      #3
      Due to PRR ( often referred to as PPR ) and Letting Relief there will be no CGT liability. Read HS283 on the HMRC web site. If you want to get closer figures then proving actual dates, at least MM/YYYY and actual values. Costs of acquistion and potential sales and legal fees. Regards Peter

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        #4
        Thanx for your help! What a relief! Will read the documents suggested.
        Emily..

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