In the UK, capital gains tax is a tax on the profit you make when you sell or dispose of an asset that has increased in value. This includes the sale of property, with some exceptions.
If you own a property and sell it for a profit, you may have to pay capital gains tax on the gain. The amount of tax you owe will depend on your tax rate and the amount of the gain.
The amount of capital gains tax you have to pay depends on your tax rate and the amount of the gain. For most people, the capital gains tax rate is 18% or 28% (depending on your overall income tax rate), although there are some exceptions to this rule.
There are a few exceptions to this rule, however. If you sell your main residence, you may be eligible for private residence relief, which can exempt all or part of the gain from capital gains tax. Additionally, if you sell a property that you’ve inherited, you may be eligible for inheritance tax rather than capital gains tax.
It’s important to note that the tax treatment of property sales can vary depending on your circumstances, and you should consult a tax professional for guidance on your specific situation.
