The topic of Capital Gains Tax on property can be a complex one, affected by many conditions, exemptions and rules. You may find that you are liable for Capital Gains Tax on property when you sell or otherwise dispose of it if the value of the property has increased since you acquired it. You may be liable to capital gains tax if you leave your home or have a second property. - Having an experienced accountant to help with these complex issues can often save you from making expensive mistakes.
In most cases you will not pay tax on any gain you make when you dispose of your only residence, this is called "Private Residence Relief" Residential Let Property Exemption Where a gain is made on disposal of a property that has been a main residence at some point, but has also specifically been let as residential accommodation, then a further special relief may be available. |