Teresa Constable
Joined: 11/6/2024
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Capital gains tax on a jointly owned property
We bought a property in November 2020 and lived in it until April 2022. We then rented it out until April 2024. It has been empty for over 6 months. We hope to complete the sale by the end of November 2024. We don’t own the property that is now our main residence. Do we pay cgt on the profit we’ve made since purchasing the property bearing in mind that we lived there for 17 months from purchasing it? We have married since jointly buying the property. Do we split the profit and pay cgt separately against our personal tax allowance? Sorry but it’s all just so confusing. Should we use an accountant?