- it was a gift (there are different rules if it was to your spouse, civil partner or a charity)
- you sold it for less than it was worth to help the buyer
- you inherited it (and don’t know the Inheritance Tax value)
- you owned it before April 1982
There are special rules for calculating your gain if you sell a lease or part of your land, or your home is compulsorily purchased.
If you’re a non-resident selling UK residential property you only pay tax on the gain you’ve made since 5 April.
You can deduct costs of buying, selling or improving your property which reduce your gain. These include:
- estate agents’ and solicitors’ fees
- costs of improvement works, eg for an extension (normal maintenance costs don’t count, eg for decorating)
You may get tax relief if the property was:
- your home
- a business asset
- occupied by a dependent relative - HM Revenue and Customs (HMRC) has information on page 7 of its guide on Private Residence Relief
Work out if you need to pay
When you’ve worked out your gain you need to work out if you need to report and pay Capital Gains Tax.
Reporting a loss
The rules are different if you need to report a loss.