Selling a property
Will I have to pay capital gains tax if I sell my property?
This is another of the most frequently asked questions.
We enjoy helping clients with this and calculating if there is a taxable capital gain on the sale of property. This is because there are potentially at least two special tax reliefs available to reduce the effect of capital gains tax. These include principal private residence and letting relief.
If you have lived in the property and you have subsequently let out the property then there could be good news.
If you have more than one property you can choose which property to be your principle private residence as long as you meet certain conditions and do this within a time limit. This decision can be very important.
If you would like advice please come and talk to us.