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burg
Apprentice
Joined: 01 Feb 2007
Posts: 4
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 Posted: 01/24/08 - 06:03 Post subject: |
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| I have recently started thinking about renting my property. I would benefit from getting some extra money every month. However, I would like to know how tax works in my case. Is there CGT on a renter property, and which is applicable? If anyone could tell me, that would be great. Thanks in advance. |
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alfonso
Apprentice
Joined: 05 Jul 2005
Posts: 5
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| Posted: 02/23/08 - 02:53 Post subject: |
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When it comes to CGT, or capital gains tax, it is usually applied to the income you get when selling your home. Moreover, it only applies for second property, not the one you live in. However, when you are renting the property, there will be no CGT applied, although you still have to pay the taxes on your income. Nevertheless, you will only pay it if your incomes exceed 4000 pounds. You can find a lot of additional information at www.direct.gov.uk/en/moneytaxandbenefits/taxes/
taxonpropertyandrentalincome/DG_4017814 |
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