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desouzi04
07-05-2008, 19:26 PM
Hi,

I am thinking about selling a BTL I have and was wondering what rate of CGT tax I would pay. I am currently a high rate tax payer and not married.

The Flat is worth about £175K and I have owned it for 12 years.

Thanks Ian

King_Maker
07-05-2008, 20:15 PM
Since 6 April 2008, there has only been a single CGT rate of 18%.

Indexation and Taper Relief have been scrapped.

Have you ever lived in it as your only/main residence?

desouzi04
08-05-2008, 11:29 AM
Hi,

Yes I lived there for 8 years. Will this effect the tax ?

Thanks Ian

King_Maker
08-05-2008, 12:14 PM
Yes, if it was your residence (= home).

PPR (Principal Private Residence) for the 8 years (and last 36 months of ownership, if relevant) and Lettings Relief may mean you have little or no CGT liability.

Have you read the Inland Revenue's Help Sheet IR283 which deals with CGT for private residences?

It is downloadable from their website.

http://www.hmrc.gov.uk/helpsheets/ir283.pdf

desouzi04
09-05-2008, 18:37 PM
Thank you...that's great Ian