Hi everyone,
I'm not very well educated on taxation and everything I've learnt is from reading the gov.uk website so apologies if i make any mistakes!
I'm trying to work out if i'm liable to CGT in the following scenario and wondering if someone could confirm anything or help me:
* I earn around £35k a year (don't think this is relevant but included in case)
* I've never owned or bought a property, i rent a flat with my girlfriend
* I then buy a property on 01/03/2016 for £45,000
* I move to and live in this property as my main residence (i still rent the flat with my girlfriend but no longer live there(its complicated))
* I spend £11,000 renovating the property to a good standard
* I live in the property until 01/12/2016 (9 months)
* I then let out the property and move back in with my girlfriend
* I decide to sell the property on 01/03/2018 for lets say £80,000 (owned for 24 months)
Would i be entitled to "private residence relief" and/or "letting relief" ?
From my brief understanding i would get "private residence relief" for the time i lived in the property (9 months) plus the last 18 months i owned it, which out-weighs the 24 months i owned it.
Would this "full" "private residence/letting relief" go towards writing off any capital gains?
Would i be liable to any capital gains tax?
Again, apologies if i'm getting things totally wrong as i'm having to try and educate myself based on the gov.uk website!
Thanks in advance for any help
Dan
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