Most people understand that when you sell your main home the profit you make on the sale is exempt from tax
When you sell your only or main home, you expect any gain you make to be free of CGT, but …
When you sell a business or shares in your personal company, the gain made on that disposal will normally qualify for entrepreneurs’ relief which applies capital gains tax (CGT) at 10%.
I have a client who is non-resident in the UK having lived and worked abroad for the last 7 years. He currently owns a property (and this is recognised as his principal private residence) in the UK that was his main home before he left to work abroad.
Recently we were asked about we could help a client with a second property rental. The following is a summary of some of the costs involved in having a rental property and an case study of how we advised a client about their capital gains tax liability.
Have you made a gain from the sale of a property that you did not occupy as your home? If so, did you report the disposal upon your Tax Return?