capital gains tax

weecoffeecup | 16:43 Sat 09th Feb 2008 | Personal Finance

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my husband bought a flat 16 years ago( before we met) it has been sublet for 15 years ,we have had a joint mortgage on our own home for the last 8 years, if he sells the flat now does anyone know what percentage of caputal gains tax he will pay

Council tax discount query

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Tom Braider

The short answer is "no". The long answer is that the rate of CGT charged depends on the level of your income. The proportion of the gain on which you'll pay depends on a number of things: how long was this flat your husband's home? How much has he spent on improvements to it? How much did he pay in fees when he bought it? How much will he pay in fees when he sells it? When will it be sold? etc etc. Working out the CGT on the sale of a property which has been someone's home is complicated and nigh-on impossible until after the details of the disposal are known.

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