Capital Gains tax advise

[littlejo67]

I have tried to Google this but can't get any clarity. Any info would be greatfully received.

I inherited a house in 2015 and we moved in soon after. It was worth 200,00 then.

Our old house we rented out and it still has a mortgage.
The Tennant's wish to buy this house for a cash purchase. It's not mortgageable as it has mundic block. It's worth about 150,000.

My question is:
If I sold my original home would I have to pay CGT on that? Even though that's not the one I inherited. I have been living in the inherited one for 5yrs.

If I do, would I be able to avoid that if I invested it in another property?
Thanks in advance..

You'll struggle to flip it and avoid the tax OP as there are sitting tenants. It's basically theft by the state.

You only have to pay CGT for the five years you didn’t live in it so it really depends how long you lived in it overall. Plus it depends how much you bought it for and how much you’re selling it. For example If you’ve been living there (at your old house) for 15/20 years your CGT will be very little if anything at all after you take off your CGT allowance for the year which is £12,300 this year I think. Cant calculate it without dates and figures.

As it was your primary residence you should also qualify for primary residence relief which means you won’t be liable for CGT for the final 9 months of owning the house regardless of whether you lived in it or not, this is in addition to the time that you were living in the house and will decrease your CGT bill further.

And there are other reliefs. Speak to an accountant

You need to pay for professional advice, OP.