21:31 PM, 14th September 2022, About A year ago 4
I am contemplating renting a family home which we have lived in for 25 years. Given the length of time we have owned our house there is a lot of financial gain in value. I have now learnt that if we rent our house we will have to pay capital gains on the portion of time our house is rented out.
I wondered whether anybody knew if we got a proper survey value of our house now could we cap our capital gains at that date as obviously values are high at the moment and as interest rates are rising the property values may well fall And there will be no capital gain for a period of time. Or is it a given that the capital gains is only worked out at the point of sale and has to go from the purchase price?
We are trying to look at all options before making any decision but as we roughly have a £32,000 per annum gain in our property capital gains can soon add up and dent into our rental income.
Any help or advice would be greatly received.
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