capital gains tax on property

C

Cameo

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hi
I have a property which was my PPR but has been rented the last 6 years.

question is if I sell is the purchase price the actual price I paid or the value of the house when I started renting?

I assumed the former but someone told me it should be the latter.

I assume I can also reduce cgt payable to allow for the period of time when it was my ppr roughly 8 years so taxpayable would halved.

Any confirmation would be appreciated?

Thanks
 
It's the actual price you bought it for (plus stamp duty or any purchase costs).

You reduce for the period of time it was your PPR. You also get to add the final year, whether it was PPR or not.
 
Thanks RedOnion,
I want to make sure I'm considering everything.
I'm another reluctant landlord wanting to exit from an over-regulated area where the Landlord is seen as the bully.
I want to sell the house now but may have to wait 10 months by complying with the rules. Nuts.
Anybody know of any other reliefs?
 
@Ahafan,
If you do a search on the tax forum you should find lots of examples and scenarios that might give you info.

If purchased prior to 2004, there's indexation available (although likely small). All costs associated with purchase / sale, including solicitor & estate agents.

Your personal annual exemption for the year you sell (double if you're married)

Any costs of enhancement that have changed the value - eg if you built an extension. Think of the things that you weren't allowed to use as expenses in calculating your rental income for tax.
 
RedOnion said:
It's the actual price you bought it for (plus stamp duty or any purchase costs).

You reduce for the period of time it was your PPR. You also get to add the final year, whether it was PPR or not.
Click to expand...
Thanks RedOnion, I thought from an admin perspective for revenue, the approach of using the value at the time the ptope5ty was first rented was odd but the guy who told me has a string of rental properties so I thought he might know what he was talking about.
 
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