CGT on Rented Properties

[Miss A]

I live with my parents, but own a property which I rent out. I have never lived in the property. After my initial cash investment is deducted, I make approx £40k profit on the property. As this is the only property I own I am liable to pay CGT on the profit ?

[Ian McTernan CTA]

Yes. It is held as an investment and hence CGT is payable. Also, you are liable to tax on the rental income received and this should be declared in your Tax Return each year. You could reduce the CGt bill considerably by going and living there for a while.

Foe more information on a fee paying basis, please contact me.

Regards.

Ian McTernan CTA
email: ian@imcternan.com