Meet the Other Phone. Child-safe in minutes.

Meet the Other Phone.
Child-safe in minutes.

Buy now

Please or to access all these features

AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

To think the HMRC site should give me a simple answer to a simple question - property related

5 replies

MandyWatkins · 02/06/2013 13:22

I'm planning to sell a house I've been renting out for about 10 years. I know I'll need to pay some capital gains tax on this and had it in my head that as I'd owned it 10 years I'd get more of a tax allowance on the profits than if I'd owned it, say, 2 years.

The HMRC site looked helpful, with links to working out this and that, and telling me I had a basic allowance of £10900, but for the life of me I can't find anything about allowances based on how long a second property has been owned.

AIBU to think this information should be easier to access? Confused

OP posts:
scaevola · 02/06/2013 13:25

Taper relief on CGT was abolished in 2008.

Montybojangles · 02/06/2013 13:28

Lost the will trying to figure OHs taxes when he returned to uk mid tax year after working abroad for 18 months, it was really complex and the website pushed me to the edge. Wasn't easy to find anything. Shudder at the memory.

MandyWatkins · 02/06/2013 13:45

scaevola - yes, that was it - so its gone Shock

monty - sorry you've had the experience too.

OP posts:
caroldecker · 02/06/2013 13:51

Has it ever been your main home? there may be letting relief or private residence relief see here

MandyWatkins · 02/06/2013 18:29

No carol its a place I rented out and never lived in.

OP posts:
New posts on this thread. Refresh page