Capital gains tax

Hi, trying to work out how much capital gains tax myself and my husbamd would pay if we sold our buy to let property. From what i understand we are eligible for private residence relief as we lived in the property initially. Sale price will be approx £300,000 Purchase price was £150,000 Improvements approx £17500 Selling costs approx £5000 Husband is higher tax bracket Myself basic Weve owned the house for ten years, lived in it for 5 years and rented it for five years, tenants still in it, so PRR would be half of profit, i think? How do i work out how much capital gains tax we would end up paying, trying to weigh up if its better to sell property as buy to let mortgage has gone from £200 a month to £650, not worth the headache anymore, many thanks for any help

Hi,

If the property is jointly owned, you can split the calculation into two calculations, 50/50 each. You can see a Capital Gains Tax calculator to help you with your calculation here:

Tax when you sell property

You can see guidance on calculating Private Residence Relief here:

HS283 Private Residence Relief (2024)

There is no definitive list of what is permitted to be a Capital Allowance to set against a capital gain and what is routine maintenance. You can see guidance regarding enhancement expenditure here:

CG15180 - Expenditure: enhancement expenditure

If a gain does arise, then you have 60 days from the completion date to report and pay the Capital Gains Tax. At the end of the tax calculator, there is the option to register for a capital gains account, to report and pay the Capital Gains Tax.

Thank you.