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Posted Thu, 14 Nov 2024 17:39:11 GMT by ukmercenary
Looking for some CGT advice. I have owned my one and only property since 2014, and I lived in it up until January 2021 up until todays date I have rented out the house. I also spent 40K on upgrades to house as it was uninhabitable when I bought it. Would I have to pay CGT still ?
Posted Tue, 19 Nov 2024 09:29:40 GMT by HMRC Admin 19 Response
Hi,
You may possibly need to pay Capital Gains Tax. 
Private Residence Relief will only cover the period that the property was your main residence, so a capital gain may arise on the remaining period. You can see guidance here:
HS283 Private Residence Relief (2024)
You can see guidance below for information on improvements:
CG15180 - Expenditure: enhancement expenditure
There is a calculator below to help you calculate whether a gain arises or not.  
Tax when you sell property
Please note that if a gain arises, you have 60 days from the completion date to report and pay the capital gains tax. You can do this if you follow the links at the end of the calculator.
Thank you.

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