Landlord Help

 Landlord Help

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Here you will find answers to the most common landlord questions, grouped together in easy to use categories. If you can't find what you are looking for use the search function. Also check out the Tips & Advice section or log onto the discussion forum

PRTB

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Rental Accommodation Scheme (RAS)

What Capital Gains Tax do I pay?

Profits from the sale of an investment property are liable to capital gains tax at a rate of 20%. The chargeable gain is calculated by deducting any allowable expenditure form the amount realised on the disposal (sale).

The allowable expenditure may include:
· The cost of acquisition of the property and any costs of acquisition such as solicitors / auctioneers fees

· Any costs incurred in improving the value of the property

· Any costs of disposal such as solicitors / auctioneers fees

Expenditure on the costs of acquisition and improvement may be adjusted to take account of inflation. Where a disposal is made on or after 1st Jan 2003, the indexation relief will only apply for the period of ownership of the asset up to 31st Dec 2002. No relief is due if the period of ownership is less than 12 months.

Consult you accountant for more details

 

 

 

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