capital gains tax

bluegoat | 20:56 Mon 01st Jan 2007 | Property

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I have just finished refurbishing a 2nd property and now wish to sell it, how do I reduce or avoid capital gains tax?

Refurbishing. What order ?

adding a tenant to a rental agreement

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jennyp

I think if it is your main residence for 6 months, you don't pay CGT, if for instance you have split from a partner - but I'm not 100% sure.

pussycatt

Im not sure there is any way of getting out of paying capital gains tax on your second property but you can deduct the cost of refurb,solictor fees,stamp duty etc to work out the actual capital gain. Then there is an exempt figure of about 8 1/2 k a year

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