Tax when selling Buy to Let
4:02 PM, 4th July 2018, 8 years ago
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We bought our first house in 1999, lived in it for a few years, then moved out and our in-laws lived there (rent free) until 2012.
Between 2012 and 2018 the property was rented and a few years ago we converted the mortgage to buy-to-let.
We are now considering selling the property but are unsure about the tax situation.
Can anyone advise please?
Bronwen
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4:07 PM, 4th July 2018, About 8 years ago
Hi Bronwen,
Can I assume you have been declaring the rental property to HMRC on self assessment forms every year?
If not you need to get a good accountant and own up now before they come to you.
You are most likely going to need to consider paying CGT and then assess how much using Principle Private Residence relief PPR.
A calculator can be found for this in the main HMRC .Gov website. >> https://www.gov.uk/government/publications/private-residence-relief-hs283-self-assessment-helpsheet
Please also see our article on the subject >> https://www.property118.com/capital-gains-tax-relief-on-a-property-you-have-lived-in/