capital gains tax

[shammah]

my wife and I bought our own first home in 2003.Last year we purchased a second house and moved to it hoping to rent our old house to cover some of mortgage.However after renting out for 6 months to a nightmare tenant we have just been offered to sell our old house.We stand to profit 66k.Are we liable to cgt?

[cranleys]

Shammah

As you resided in the property you will have no real concern provided you complete the tax return correctly.

Always available to assist.

Colin Davison
colin.davison@cranleys.co.uk

Editor - Property Tax Secrets 2005

Cranleys Chartered Accountants & Property Accountants
01256-766655
07766-714000

Always seek good professional support before making any decisions - individual specific advice is needed due to the complexity of individual circumstances.

[shammah]

Thankyou for such a prompt reply.I can now sleep well tonight.