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Capital gains tax on rental property.

I'm thinking of selling my second home, which I'm currently renting out. Will I have to pay property capital gains tax even though I was renting it out?

Asked on Sep 8 2016, Selling in Ipswich | Report content

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  • Hi Jed. If your rental property is not your main home, then you will have to pay capital gains tax. The amounts vary, depending on what your personal income tax level is, and there is a tax-free allowance of up to £11,100 - and £5,550 for trusts. For more information, such as when you'd pay and how much your capital gains tax rate would be, visit the link at the bottom. Many thanks, Dan

    Web reference:

    Answered on Sep 12 2016, Report content
  • Probably yes, it does rather depend if it was always a second home and how long it was rented.

    Web reference:

    Answered on Sep 12 2016, Report content

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