UK Property Law
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Assuming you did not have any other chargeable gains for the year then any gain after deducting your respective personal allowances (£10100.00 per person) would taxed at a rate of 18% up to £37, 400.00 and 28% thereafter.
It is your prerogative whether the home is occupied or not.
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I don't understand. I was under the impression that if one owned a second property which was somebody's main residence then there would be no capital gains tax on selling the property if it was sold within six months of it laying empty. Am I completely wrong?!!
What are chargeable gains?
You have main Private Rresidence relief for your main home which means that if you sold your home and moved in to rented accomodation then the proft you made on the sale would not be subject to CGT. CgT is paid on selling second properties though I'm afraid.
Chargeable gains are the amount of profit you make on selling aproperty. So if you bought your home for £50, 000 and sold it for £100, 000 the chargeable gain would be £50000.00
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