If its not your permanent home then youd need to pay CGT ,if you live in it continuously for around 6 months you can claim its your permanent home and then no CGT is due .As a second home you need to pay
Well I think the profit would be apx £100k. And as it is my only home in my name (I am not on my husbands house deeds) I still question whether CGT kicks in.
I appreciate selling and buying involves costs but my current property is not ideal for when/if I end up on my own . So I could buy something more appropriate, enjoy furnishing (while still got the energy! ) and my husband and I could enjoy spending time there ( kind of having two homes - one in my name one in his).
Why do you want to sell and buy again?. You incur agents expenses and tax liability for both transactions, why not keep the existing flat collect rent until you know your future situation, if you own it when you die CGT is deleted and it forms part of your estate and you get the Inheritance Tax allowance
You will need to pay tax on any “Capital Gain” that is increase in value. How much depends on the housing market in your area, the housing market in many areas has been pretty slow in many areas and I don’t think anyone is expecting a boom soon. You don’t need to get professional CGT help until you actually sell it, if you make a profit great but generally property sells for less than you expect. Where CGT really hurts is when you have owned property for 20 yrs plus and there is a large increase in value.
Hello all. Just an informal approach as know may have to seek professional advice eventually.
I own a property (purchased 2004) lived in it as a divorcee until 2016. Then remarried so became an ‘accidental landlord’ Moved into my new husbands house with prenups ensuring clear our finances are separate His 4 children will inherit his house and my two would inherit mine (at our death). So I have no financial claim to his property (nor he mine). If he dies before me I would go back and live in mine (with an agreement I can continue living in his place for up to two years rent free before sold by his estate.
I bought flat for £200k Received rental income officially since 2016 (paying relevant tax). On selling and buying again in say two years would I have to pay CGT. In effect it is my only property asset . Any advice welcome. Thank you