Hi there. Thanks for your video. Could you help me with some information please. I own a property I have been liveing in and thinking of renting it now. For at least 3 years. How would the CGT work with this? Just for the three years it's been rented? And as a percentage? Also how what about the valuatingbof property before? As generally valuation of property seems to be under (sometimes 10 thousand plus) what the property actually would sell for which when sold would affect total tax. Thanks
Capital gains tax is calculated based on the sales price versus the purchase price. Amount of game that becomes taxable is based on the amount of time you have rented the property out. Please note, the time you lived in the property will be tax-free plus an additional nine months. www.optimiseaccountants.co.uk/uk-capital-gains-tax-calculator/
Hi Simon, I’m selling a second property I have rented out for 2 years. It used to be my residential property. Do I still have to pay the full capital gains tax ? Thanks
Hi Simon, if you are renovating a property with the intention to sell the property at a higher price and that property is in the eyes if HMRC your primary residence i.e registered to vote there, bills etc is it true that there would be no CGT in the UK? If yes can you outline what the guidelines are?
Private residence of relief it’s still available for homes but I wanted to focus on buy to let property investments in this video. Private residence relief is available for the time that you live in the property plus an additional nine months
If as a couple I use the deed of trust as 50:50 to include my wife on my second property but she doesn't work will she still get the £6k allowance? Secondly I'm a 28% tax payer if reduce my hours so that I'm a 20% tax payer how many months do I need to show HMRC? Many thanks
How’s it going appreciate that this is very complex and you’re better to book a text consultation with that fat Optimise Accountants. The spit may not be 50%/50% To benefit from the ultimate tax saving strategy
