What tax will I pay when selling my buy-to-let?
Property Expert:
Stephen Ludlow
Director, ludlowthompson.com
Q: I have a buy-to-let property and would like to know the kind of tax I would have to pay if and when I decide to sell. Is there more than one tax levy?
Submitted by: Mr G, Tooting / 5th October 2009
Pic: Buy-to-let tax advice
You receive the first £7000 or so tax free.Stephen Ludlow - Director, ludlowthompson
Stephen's Response:
Stephen's response:
The capital gains tax due would be 18 percent if it is purely an investment. You would receive the first £7000 or so tax free if it is the only capital gain that tax year.
If it is your only property and you reoccupy it for a period before selling as 'your main residence' then capital gains may not apply. It is best to seek advice from a qualified tax accountant.
You may find this article and HMRC link useful reading -
Disclaimer:
Neither ludlowthompson nor their ‘experts’ take any responsibility for any action or loss incurred by readers of these pages. The reader acts on advice at their own risk. Answers to questions are not exhaustive. Financial advice must always be sought from a professional financial adviser.
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