I bought a flat for £105,000 which I lived in for a few months, before renting it out for the past 4 years. I am thinking about selling it for around £170,000 and am uncertain on the formula to calculate any CGT payable. I was working away when I bought it and commuted back every weekend. I then met my wife and am now permanently settled away, although only 150 miles away. I read somewhere working away could reduce the CGT gain.
This year is the first year I've received a tax form to complete. I have never declared the income and my net gain (rental less mortgage payments etc) is around £900 per annum which excludes any maintenance/repair costs that have arisen in the past. What is the taxation issue on this income and will I have to pay 4 years worth of tax on it? I also own jointly with my wife another property which was our PPR for almost 3 years that we have rented out for the past year and am in the process of selling. I believe there will be no CGT on this property but we have made a net gain of £1300 in 12 months which again we have not declared.
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