tax on properties sale

alyshady · Postby **alyshady** » Sun Jun 01, 2003 2:51 pm

I own 3 flats and rent them out . I pay tax on the rental income for these flats .
Is there any tax to pay If I decide to sell one or all the flats .
The market value for each flat about 110k-125k

Ian McTernan CTA · Postby **Ian McTernan CTA** » Mon Jun 02, 2003 1:59 am

You will be liable to capital gains tax on the profit over the purchase price of the property, less the annual exemption (currently Â£7,900), provided you are UK resident. Various reliefs may be available if you ever lived in any of them.

I would be more than happy to calculate the potential gain on each of the properties and provide some planning advice at my usual charging rate.

Ian McTernan CTA
McTernan Associates
50 New Bond Street
London
W1S 1RD

ian@imcternan.com
tel. 020 7629 3119

alyshady · Postby **alyshady** » Mon Jun 02, 2003 8:51 am

Thank you for the responce .
Is the annual exemption (currently Â£7,900) per each property or for all flats .