Capital Gains Tax (CGT) is payable when you sell a property or other asset in the UK and it has increased in value since you bought it. The rate that needs to be paid of CGT on property can vary depending on a number of factors such as your taxable income and the amount of the capital gain.
When you are selling your main residence (or only home) CGT is usually not payable however there are some circumstances where it does apply as follows:
• The home includes a significant amount of additional land (5000 sq meters or more) or there are additional buildings on the lot.
• You have sub-let part of the house (only applies if there is more than 1 lodger)
• Part of the house is used exclusively as a business premises.
• You bought the property primarily to achieve a profit (for example, you are a property developer).
• You have another property that is your main residence
