Summary
A. R. writes: I bought a house about 40 years ago and have always rented it out. I live in a rented flat elsewhere. I now want to sell my house. Will I have to pay capital gains tax on the proceeds as this is the only house I own?
J. W. replies: Yes, because your main residence is the rented flat you live in and not the house you own. The worst that could happen is that you will have to pay 18 per cent capital gains tax (CGT) on the profit from the house sale.See the full content of this document
Extract
Sorry, There's Cgt to Pay
The profit is the n...
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