Dear Taxation web
I've looked on the .gov website regarding property tax and capital gains tax but would like your thoughts on how to reduce my tax bill. A calculation would be great to confirm I have considered all possible areas.
I bought my first house in 1994 for £35000 (good old days!). I paid around £2000 costs.
I lived in the house up to 2005 and for the last 5 years rented out rooms (years 2000 to 2005).
I then moved out in 2006 to live with a partner for 6 years, renting out all the rooms in the house.
In 2013, I bought a another house to live in. I bought this house for £181,000 (£3000 costs).
Now, 2019, I want to sell my first home and main home to buy a single home to live in.
First house I'm now selling for £300000 (less £5000 costs).
Main home I'm now selling for £240000 (less £4000 costs).
How do I go about working out what tax I need to pay?
Also, does it matter in which order I sell the houses? If I sell my main house first (tax free hopefully), can I then move in to my second home for a period before selling it (tax free hopefully)?
Thanks
Matt
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