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Question

Tax (England)

Sale of family home now rented out

9 May 2018 | 2 comments

We have let out our family home which we lived in for 16 years. We did this because my husbands work took him to Australia. We are not residents of Australia and we pay tax in the UK on the profit from our rent . We pay tax in Australia on income there.
If we sell our home in the UK should we live in it before we sell it or not? Some people have said we will not pay any capital gains because we have no other property and it is our family home.
Your views please

Answer

2 Comments

  1. guildy

    I’m afraid tax is one of our weaker subjects but you’re right that where a property was your main home and it’s then rented, there may be some reliefs from paying some or all capital gains.

    We believe this tool will help you work it out.

    We also have a tax advisor who allows Guild subscribers a 10 minute free consultation (working on the principle that some may choose to employ his services but you don’t have to).

    • familydyke1

      Dear Guildy Spoke to Gordon Fox and we will employ him to sort our tax. Many thanks Pat Dyke

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