Capital Gains on Property

[eek]

Anyone with some common sense would be able to see that after 15 years or so, no tax is payable on 48k on a primary residence. I spend more than that on pies each year.

True but I would be happier that someone checks rather than making invalid assumptions that come back and bite them...

[SimonMac]

Basically, as it was your primary residence for a number of years then it falls under normally selling your home.

Capital Gains is not payable on your primary residence.

Technically any gains you made when it was rented out you should have to pay some CGT, but frankly I'd not bother with any of it.

Just sell it and keep the money, if necessary giving the GF some, if it was joint. All this, how long you were there for is a waste of time.

Alas Hector doesn't agree and as I am more likely to go with them than what you say I read this

https://www.gov.uk/tax-sell-home

You don’t pay Capital Gains Tax when you sell (or ‘dispose of’) your home if all of the following apply:

• you have one home and you’ve lived in it as your main home for all the time you’ve owned it
• you haven’t let part of it out - this doesn’t include having a single lodger
• you haven’t used part of it for business only
• the grounds, including all buildings, are less than 5,000 square metres (just over an acre) in total
• you didn’t buy it just to make a gain

And I fall down on the first and second point, which is why I asked the question, Martin, a subject matter expert, (and also missinggreenfields too) then explained further, and suggested I get qualified advice, which I have said many times even though I don't use an accountant for MyCo, anything above "simple" I will will seek advice, and have found enough good people on the forums to deem it sufficient first level advice (even with the Kebab shop comment from NLUK)

Not sure why you pipped up though fat boy.

[MarillionFan]

Not sure why you pipped up though fat boy.

Because you're a whining bedwetter pissing their pants over nothing. But feel free to carry on.

[SimonMac]

Because you're a whining bedwetter pissing their pants over nothing. But feel free to carry on.

Yes dear!

[Paddy]

Thinking about selling the house I own, it's the only house I own but I don't live in it, I used to live in the house but after I split from my ex she stayed in the property and paid me rent, does this class as a BTL for CGT?

1. Open up a British Virgin Island Ltd company (company A)
2. Open up a British Virgin Island Ltd subsidiary company (company B )
3. Sell the property to company B at a loss eg £120,000
4. Sell company B to your buyer at a profit eg £500,000
5. No capital gains, not tax and no change on the Landregistry.
6. Draw your money from company A
7. Like who they do in London every day!