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Where Taxpayers and Advisers Meet
CGT or other tax on selling garage
I own a garage in a block of garages just up the road from my house. I bought it with the house. I am now selling the garage for £32k, while continuing to live in the house (which is my main residence). Is the sale tax-free or is it subject to CGT/other taxes?
-
LegallyBrunette
- Posts:10
- Joined:Thu Jan 21, 2021 12:10 pm
Re: CGT or other tax on selling garage
Hi Womble
These links might be helpful, to get you started. Link 1 sets you up, and Link 2 goes into the detail you will be looking for.
https://www.taxinsider.co.uk/private-or-main-residence-relief-what-you-need-to-know-ta
https://www.taxinsider.co.uk/private-or-main-residence-relief-what-you-need-to-know-part-selling-other-land-buildings-ta
Also, if there is a mortgage, you might need to consider if that effects the sale.
If you are unsure of what to do after reading these, this is certainly one of those situations where it will be worth taking paid professional advice. There are possibly quite a few factors to consider, and you don't want to get it wrong.
These links might be helpful, to get you started. Link 1 sets you up, and Link 2 goes into the detail you will be looking for.
https://www.taxinsider.co.uk/private-or-main-residence-relief-what-you-need-to-know-ta
https://www.taxinsider.co.uk/private-or-main-residence-relief-what-you-need-to-know-part-selling-other-land-buildings-ta
Also, if there is a mortgage, you might need to consider if that effects the sale.
If you are unsure of what to do after reading these, this is certainly one of those situations where it will be worth taking paid professional advice. There are possibly quite a few factors to consider, and you don't want to get it wrong.
