About 15 years ago, we bought an apartment which was then our (first) principle private residence.
Ten years ago, we bought the house we now live in, but we retained the apartment and have let it ever since.
We are now considering selling the apartment.
I presume it would be liable to the 33% CGT rate that has been in force since 2012.
What I'd like to know is this; would the CGT be calculated on the entire proceeds of the sale, or would the fact that it was once our PPR have some bearing on this?
Also, would costs incurred during the 10 years we have been letting the property be off-settable against the CGT calculation?
Many thanks.
D.
Ten years ago, we bought the house we now live in, but we retained the apartment and have let it ever since.
We are now considering selling the apartment.
I presume it would be liable to the 33% CGT rate that has been in force since 2012.
What I'd like to know is this; would the CGT be calculated on the entire proceeds of the sale, or would the fact that it was once our PPR have some bearing on this?
Also, would costs incurred during the 10 years we have been letting the property be off-settable against the CGT calculation?
Many thanks.
D.