Cgt Allowance, Valid Just The Year The House Is Sold, Or Previous Years ?

[CW1]

Hi,

An Ombudsman has confused me by saying CGT was a factor when taking out a particular investment 4 yrs ago. I can only see that might've been relevant if I later sold either the investment or a house I am - & was then - letting out.

When selling the house, won't the CGT allowance just be the £3k it is currently, previous years won't be taken into account - will they ?

[Gizmonster]

As far as I'm aware, you get an allowance of £3k per year and if you don't use it, it doesn't roll over.
So, for example, if you buy a house as an investment and sell it in 10 years, your CGT allowance is only £3k, so you pay tax on any gains, minus your allowance and costs incurred for maintenance, repairs on the house etc.

Have a read here:

https://www.gov.uk/capital-gains-tax

[CW1]

That's what I thought, thanks. Ombudsman's talking out of his proverbial 😆