Supposing I owned a house for 14 years.
Say I bought it for £100K and sold it for £200K.
I live in it for 10 years and then rented it out for 4 years.
(Not real figures, but trying to make this easy!)
How would they work out the CGT?
If I understand it correctly, I wouldn't pay CGT for the 10 years I lived there, nor for the last 3 years I rented it out. So I would have to pay CGT relating to one year.
That's where my knowledge runs out! How doe they work that out? And how would it relate to the profit the house had made?
If anyone could shed some light on this I'd be very grateful!
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Capital gains tax - how does it work then?
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threeleftfeet · 20/07/2012 17:36
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