The Complete Guide to Capital Gains Tax From a Home Sale

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Capital Gains Tax needs to be paid to HMRC when you sell your home. This is the case when you have rented your home out to tenants and it became a buy to let property.
If you are looking for a new property tax specialist or international tax advisor then please visit the website of Optimise Accountants: www.optimiseaccountants.co.uk/
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Read our article on Capital gains tax home sale www.optimiseaccountants.co.uk...
In this video you will learn about
- Why do you need to pay CGT when you sell your main home?
- Are there any tax reliefs when you sell your main home to reduce capital gains tax?
- What is Private Residence Relief also called PRR and how does it help you reduce your Capital Gains Tax liability
- How do you report Capital Gains Tax and how do you pay it?
#HMRC #Tax #CapitalGainsTax

Опубликовано:

9 фев 2022

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Комментарии : 23

@Simon-Misiewicz-US-UK-Taxes 2 года назад

Please ensure that you register for our free UK tax saving seminars: www.optimiseaccountants.co.uk/tax-seminars/ Download our tax calculators: www.optimiseaccountants.co.uk/tax-calculators/

@WatchesGalore 2 месяца назад

Basically pay tax on the money you paid tax already but then you have to pay a bit more tax becaue why not ???? 😳😳😳😳🤷🏼‍♂️🤷🏼‍♂️🤷🏼‍♂️🤷🏼‍♂️

@Simon-Misiewicz-US-UK-Taxes 2 месяца назад

Indeed

@ChrisB-ry5nk 4 месяца назад

Hi, great video. I'm struggling to find a clear answer online - I bought a house in England (for my family home) mid 2013, I am a UK Citizen (Non UK Resident), who has worked overseas since late 2011. My family joined me over in the UAE between 2015 to 2022 and the house during that time was never rented out. If we sell the house to buy another property in England/UK am I liable for Capital Gains Tax? Any help or advice is greatly appreciated.

@Simon-Misiewicz-US-UK-Taxes 4 месяца назад

Capital gains tax will be due as it was not used as a primary residence during 2015 to 2022. You will get relief at the time that you actually lived in the property.

@ChrisB-ry5nk 4 месяца назад

@@Simon-Misiewicz-US-UK-Taxes As I thought. Thanks for taking the time to reply.

@romeocastillo2441 2 года назад

Kung mag bussiness ako apartment o buy and sell o properry developer ano po magandang bussiness structure corporation o sole propriety ano ang advantage at dis advantage? Salamat

@118cjw 6 месяцев назад

Hi , we let our house for 5 years while traveling and we are home now , living in the house now for two years . We want to move . Will we need to pay tax ? thank you ...

@Simon-Misiewicz-US-UK-Taxes 6 месяцев назад

You may have to pay CGT as you rented it out. Book a tax consultation as you might get reliefs for the time you let it out

@Laboratory_films 5 месяцев назад

Struggling to find a clear answer online, Owned my home, lived in it, bought a second property (didn't move in as it needed some work doing), so now I am moving into the second property and selling the first. I'll be selling the first property for about 15k more than I paid for it. Do I need to pay CGT?

@Simon-Misiewicz-US-UK-Taxes 5 месяцев назад

Given the specifics of your case, I can understand why you cannot find a clear answer. Please ensure that you speak to a qualified tax advisor to calculate the CGT, if any

@mushroomheart 4 месяца назад

Love your content, thank you My question: I've owned my home for 20 years I rented it out for 2 years in 2009- moved back in in 2011 So I've lived in it for 13 years again since renting it (18 years main residence in total) Am I now exempt from CGT? - you mentioned a 3 year rule Thank you in advance

@Simon-Misiewicz-US-UK-Taxes 4 месяца назад

Your situation is quite complex. Please get some advice from your accountant to get support

@soundslight7754 2 года назад

Sound advice

@Simon-Misiewicz-US-UK-Taxes 2 года назад

Thank you 🙏

@dalehitchcock6382 9 месяцев назад

I bought my first house 7 years ago for 90k. Its now worth 180k. I am looking to buy a potential second property worth 120k. It needs a bit of doung up, so I was intending to move in for 2/3 years and rent out my first property. After that, if i wanted to sell my first property, (change the second to a rental) ...what capital tax gains would i pay on the first property?

@Simon-Misiewicz-US-UK-Taxes 9 месяцев назад

You will be caps gains tax on the first property if you rent it out. How much will depend on too many factors and variables to be considered here. You would only know the true CGT when you sell the property.

@frankduffy7999 7 месяцев назад

I have just sold a buy to let property that was mortgaged for approx £54k ...sold for £80k ...after solicitors fees etc. approx left with £19.6 k ....do i pay capital gains on this last figure?

@Simon-Misiewicz-US-UK-Taxes 7 месяцев назад

Please do work with a qualified accountant. Capital gains is not going to take into account Mortgages. www.optimiseaccountants.co.uk/uk-capital-gains-tax-calculator/

@JohnnyB6969 Год назад

Hello I bought house 4 months ago as First time buyer now my circumstances change so i need to sell this house. After paying off mortgage I will get £60k profit . Do i need to pay CGT if this is my only house my primary residental home?

@Simon-Misiewicz-US-UK-Taxes Год назад

If the property was your home, you will not need to pay capital gains tax

@JohnnyB6969 Год назад

@@Simon-Misiewicz-US-UK-Taxes yes property was my residential home but I'm thinking to sell it after 4 months of owning it also there will be profit after paying back mortgage Still I don't need to pay capital gains tax?

@Simon-Misiewicz-US-UK-Taxes Год назад

Selling a property after just four months will be seen as trading and you could be subject to income tax, not capital gains tax