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Home > Business & Finance > How is Capital Gains Tax worked out? (selling a rented property).

How is Capital Gains Tax worked out? (selling a rented property).

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crazy pea | 13:13 Thu 23rd Jul 2009 | Business & Finance
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I am selling a property which I have been renting out for the last 10 months. I bought it in Jan 2006 and lived in it as my main home until I moved in to my partner's house in August 2008. It has since then been rented to a private tenant. This is the only property I own and on selling I would've made a profit of around �20-25k. Can anyone tell me how Capital Gains Tax is worked out and any idea how much I would be expecting to pay? Thanks!!
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Avatar Image crazy pea
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Thanks!
14:44 Thu 23rd Jul 2009
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Avatar Image anniebird
As you lived in the property as your main home before renting it the last 3 years is automatically ignored for Capital Gains Tax so as long as you sell it before August 2011 there should be no CGT to pay.
17:01 Thu 23rd Jul 2009
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Avatar Image crazy pea
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Brilliant! Thanks x
14:32 Fri 24th Jul 2009

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