Income Tax band<\/a>\u00a0you\u2019ll pay 10% on your gains (or 18% on residential property). You will pay 20% (or 28% on residential property) on any amount above the basic tax rate.<\/p>\nReliefs you can claim<\/strong><\/p>\nPrivate Residence Relief (if you lived in the home)<\/p>\n
You do not pay Capital Gains Tax when you sell (or \u2018dispose of\u2019) your home if all the following apply:<\/p>\n
\n- you have one home and you have lived in it as your main home for all the time you have owned it<\/li>\n
- you have not let part of it out – this does not include having a lodger<\/li>\n
- you have not used part of it for business only<\/li>\n
- the grounds, including all buildings, are less than 5,000 square metres (just over an acre) in total<\/li>\n
- you did not buy it just to make a gain<\/li>\n
- You do not need to do anything. You will automatically get a tax relief called Private Residence Relief.<\/li>\n<\/ul>\n
If you lived only part of the period that you owned the property you can still claim this relief based on the % of time you lived in the property<\/p>\n
If you let out your home<\/strong><\/p>\nYou may have to pay Capital Gains Tax if you have let out your home. How much you pay depends on how long you lived in it. Having a lodger does not count as letting out your home.<\/p>\n
You will pay tax on your \u2018chargeable gain\u2019. This is your gain minus any Private Residence Relief you are eligible for.<\/p>\n
You get full relief for:<\/p>\n
\n- the years you lived in the home<\/li>\n
- the last 9 months you owned the home – even if you were not living there at the time<\/li>\n
- If you sold the property between 6 April 2014 and 6 April 2020, you get relief for the last 18 months you owned it.<\/li>\n<\/ul>\n
If you only own one home and you are disabled, in long-term residential care or sold the property before 6 April 2014 you get full relief for the last 36 months you owned it.<\/p>\n
If you only let out part of your home<\/strong><\/p>\n\u00a0<\/strong>You will need to work out what proportion of your home you lived in. You only get Private Residence Relief on this proportion of your gain.<\/p>\nClaim Letting Relief<\/p>\n
If you lived in your home at the same time as your tenants, you may qualify for Letting Relief on gains you make when you sell the property.<\/p>\n
You can get the lowest of the following:<\/p>\n
\n- the same amount you got in Private Residence Relief<\/li>\n
- \u00a340,000<\/li>\n
- the same amount as the chargeable gain you made while letting out part of your home<\/li>\n<\/ul>\n
Letting Relief does not cover any proportion of the chargeable gain you make while your home is empty.<\/p>\n
If you have any questions or just completed on the sale of your house. Please give us a ring and we would be happy to assist you.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Unlike previously You will no longer be able to defer payment of Capital Gains Tax via your Self-Assessment return, and any tax owed must be paid within the 30-day reporting and payment period.
\nHMRC have launched a new online service to allow you to report and pay any Capital Gains Tax owed.<\/p>\n","protected":false},"author":12312400,"featured_media":25459,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[19],"tags":[248,252,251,249,250],"_links":{"self":[{"href":"https:\/\/www.outsourcedacc.co.uk\/wp-json\/wp\/v2\/posts\/25457"}],"collection":[{"href":"https:\/\/www.outsourcedacc.co.uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.outsourcedacc.co.uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.outsourcedacc.co.uk\/wp-json\/wp\/v2\/users\/12312400"}],"replies":[{"embeddable":true,"href":"https:\/\/www.outsourcedacc.co.uk\/wp-json\/wp\/v2\/comments?post=25457"}],"version-history":[{"count":0,"href":"https:\/\/www.outsourcedacc.co.uk\/wp-json\/wp\/v2\/posts\/25457\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.outsourcedacc.co.uk\/wp-json\/wp\/v2\/media\/25459"}],"wp:attachment":[{"href":"https:\/\/www.outsourcedacc.co.uk\/wp-json\/wp\/v2\/media?parent=25457"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.outsourcedacc.co.uk\/wp-json\/wp\/v2\/categories?post=25457"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.outsourcedacc.co.uk\/wp-json\/wp\/v2\/tags?post=25457"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}