MegaSack DRAW - 6pm Christmas Eve - LIVE on our YouTube Channel
I have a rented property that i brought back in 2001 for £8000
I reneveated the property and lived in the property until 2012, of which it has been rented out since.
I am looking to sell on the property but am wondering if i will get hit bay some big tax or whether i need to live back at the property for 6 months to avoid any tax.
Please any advice would be great.
I don’t think you are likely to get much of a bill. Assuming thing haven’t changed then by the time you deducted you gains allowance, the cost if the renovations, your buying and selling costs, your exempted time becauyyou we’re living there (14 years by the looks of it) there won’t be a lot of gain left to be taxed. The maximum this can be taxed at is 28% so it’s unlikely to be much.
I don’t think moving in for six months really does anything to reset the clock.
