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Where Taxpayers and Advisers Meet

House sale

Joined:Wed Apr 07, 2021 5:15 pm
House sale

Postby Markzaq1 » Wed Apr 07, 2021 5:25 pm

We live in rented accommodation and brought a house that needed renovation to live in when finished, during the renovation period for personal reasons we decided to stay in rented house and sell property when finished and look to buy another house that suits our new circumstances (distance from family) I'm unsure where this leaves us with capital gains tax
Many thanks

Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: House sale

Postby pawncob » Fri Apr 09, 2021 3:57 pm

The gain is subject to CGT. Unless you can convince HMRC otherwise, it may be subject to income tax as you bought and sold with the intention of making a profit.
With a pinch of salt take what I say, but don't exceed your RDA

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