Sell rental or keep it?

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    Sell rental or keep it?

    I purchased a house in August 2001 for £52,950. I moved out in May 2014 and rented the house out. The house is probably worth £125,000 but it was completely renovated and improved whilst I lived there.

    Any idea of how much tax I would have to pay if I sold it?

    Thanks

    #2
    The gain is straight line over the 15 years, and the two years (ish) which are subject to an 18-month allowance, so the taxable gain should be well under your annual personal allowance.
    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).

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      #3
      So you get a CGT allowance which is separate from your personal tax allowance related to income from employment?

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        #4
        You wouldn't have any cgt to pay on those figures. You have an annual CGT allowance (yes, in addition to your income tax allowance). You also have a personal residence relief and a lettings relief.

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