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Where Taxpayers and Advisers Meet
Capital gains tax calculation
I'm thinking of converting my home to a buy-to-let and living in a new home. When I sell the buy to let house, will the capital gains tax be calculated from when I originally bought the property (1993) or when I moved out and started the new mortgage(2017)?
Re: Capital gains tax calculation
Any CGT will be calculated from the value you paid for the house. However PPR and will be allowed and apportioned by the time you lived in the property plus 18 months. There will also be letting relief up to a maximum of £40,000.
If you provide an example including values and time periods, Legal fees and selling costs and SDLT I will run the numbers and post the results for you. Regards Peter
If you provide an example including values and time periods, Legal fees and selling costs and SDLT I will run the numbers and post the results for you. Regards Peter
