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Answered in 4 minutes by:
2/29/2012
Tony Tax, Tax Consultant
Category: UK Tax
Satisfied Customers: 16,712
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
VerifiedHi.
You have until November 2012 to sell the rented flat before you need to consider Capital Gains Tax, as you thought. If you sold it in November 2013, then the gain for one year as a proportion of the whole would be taxable subject to letting relief which would probably cover it in any event.
Let me know if you have any further queries.
You have until November 2012 to sell the rented flat before you need to consider Capital Gains Tax, as you thought. If you sold it in November 2013, then the gain for one year as a proportion of the whole would be taxable subject to letting relief which would probably cover it in any event.
Let me know if you have any further queries.
Tony Tax, Tax Consultant
Category: UK Tax
Satisfied Customers: 16,712
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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