capital gains tax on property sale

[getpooh]

I own a 3 bed house which I am renting and have been doing so for 3 years for £1150 per month. Its all legal and through an agency, insurace, ect, ect. It cost £150K when purchased. How much is CGT will I be liable for and how do I work out CGT rates?

[buildersmate]

You only ever pay capital gains tax when you sell the asset so it is impossible to say.
You will be able to offset all selling costs (estate agents, solicitor, HIP) from the net profit, then you pay CGT at 18% of the net gain, but less any annual gains allowance you have in the year of sale (the tax year in which you take the gain).

[johnh236]

Dont forget that at the moment your personal CGT allowance is £10,100 (bound to change in the budget!!).
Also the CGT is not payable immediately (so if you are good with money you could stick it into a savings account until it becomes due)