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ANEAGLETALL
Posts:8
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| 09 Oct 2008 21:01:25 |
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HELP I LIVE IN MY FLAT AND ALSO RENTING OUT OTHER ROOMS TO TENANTS. I HAVE LIVED IN IT FOR LONG, BUT ONLY BOUGHT IT IN THE LAST 4 AND 8 MONTHS.
WILL THIS HAVE AN EFFECT ON MY CGT. I AM ALSO LOOKING FOR ANOTHER PROPERTY TO BUY AND LIVE IN IT. THEN RENT OUT THE ENTIRE FLAT I LIVE WITH THE TENANTS.
I NEED ALL THE ADVICE. |
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A WOMAN WITH A LOT OF DRIVE. I NEVER GIVE UP ON LIFE. I WORK VERY HARD. AM A VERY PRAYERFUL PERSON. I KNOW JESUS WILL ALWAYS GUIDE ME. I TRY MY BEST TO HELP OTHERS. |
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Devallon
Posts:3
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| 11 Nov 2008 02:04:02 |
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As soon as you move out the property will be subject to capital gains tax when you sell it. You will have to have some justification of the value at the time you moved out to show the gain over that period. As far as the period you are in it is concerned, you really need to talk to an accountant.
But the best news is CGT is now 18% so it is lower than income tax. So don't worry about it, just pay it - you will have had to make a gain to be due any and the rate is as low as it gets here ! |
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