Clare
Joined: 10/2/2024
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CGT on a property 'built' within my property
In 2021/22 I separated my main residence, with some additional building work, from a 3 bedroom detached to a 3 bedroom semi detached with an additional 2 bedroom semi detached. I am now considering selling the 2 bedroom semi, which I have rented out for 2 1/2 years, declared and tax paid. Would I be liable for capital gains tax? Would the taxable amount be on profit, i.e less building costs & loans, or on the total saleable value? Would I be liable for any private residence relief? As I have devalued my main residence that I live in.