Tax Forum :: Free Tax Advice

I bought a property in 2012 and rented out because I have to rent a property to live in another city for the sake of study and work.
Now I sold my property with a profit.
Am I liable for paying CGT? and how to calculate?
Thanks
Lisa

Yes.
But there are reliefs if it was ever your principal private residence as well as being let.
https://www.gov.uk/capital-gains-tax

thank you very much for your reply.
do you know how long I should live there to avoid paying CGT?

You may be saved by s226(8) TCGA 1992 but this seems very unlikely given your situation.

As you have already sold the property, there is nothing you can do retrospectively.

The best advice I would give is to arrange a meeting with a local accountant.

thank you for your reply.
I have not sold my property yet.
it is already empty since this November.
so do I have to live there to avoid paying CGT and for how long?

You have to live there before you let it.

thank you for your reply.
I have not sold my property yet.
it is already empty since this November.
so do I have to live there to avoid paying CGT and for how long?

According to your first post you have sold it.

You will always have CGT to consider when you sell it, regardless if you move in to the property now. You will apportion the gain between periods of occupation and non-occupation. The periods of non-occupation will be taxable.

It is complicated, you need an accountant or spend a few hours doing your own research.

the property is a leasehold.
so I pay service charges( building insurance included) , do I entitled to claim this as costs and expenses from CGT?

No - these are not capital expenses

Thanks
If I decide not to sell now and move back to live, how long should I live there before I sell it and avoid to pay CGT?
For I don't have to sell it now and I can live there myself as my only resident accommodation.
According to my search, someone said it requires 36 months in total.