CGT liable?

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  • Telometer
    replied
    Will be nil for at least another two years beyond then. (Is it still going to be let out? As if so then probably no tax will be due for a decade at least.)

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  • granada
    replied
    Yes I'm the sole owner.
    Thanks for pointing me in the right direction.
    Cheers

    Ben

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  • TaxationPete
    replied
    Are you the sole owner. If you keep it for more than 2013 the Letting releif will apply.so you may be free of CGT for 5,6,7 years or so. Read HS283 on the HMRC web site. You also have your annual Capital Gains allowance. Regards Peter

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  • granada
    replied
    Great. Many thanks for the info.

    Will have to hope that I can sell it before the 36 months is up then.
    If for some reason, the house is stuck on the market for a while and sells after 2013 any rough idea of the CGT liable?

    Thanks again

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  • Mr Green
    replied
    I was just about to respond when Telometer's reply popped up. Here's a link confirming the 36 month rule:
    http://www.hmrc.gov.uk/manuals/cgmanual/CG64985.htm

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  • Telometer
    replied
    Provided you sell it before three years after you moved out, i.e. some point in 2013, then no CGT.

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  • granada
    started a topic CGT liable?

    CGT liable?

    Hello

    I wonder if anyone could answer this question for me?

    I have a house which I hope to sell fairly soon.

    Purchased 2000 for £37,000
    Lived in until 2010 (we bought another house)
    It's been rented out for 2 years @ £400 per month
    Hope to sell for around £90,000 - £95,000

    Would I be liable for any CGT when it sells?

    Many thanks in advance.

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