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If you sell a property for a profit, then you will have to pay Capital Gains Tax (CGT).
How much you actually pay then depends on two things:
Usually, Capital Gains Tax is 10% or 20%, but for properties it’s 18% or 28% of the profit instead.
You can simply use this Capital Gains Tax calculator to see what your tax bill could be:
First £12,300 are tax-free.
£1,000 taxed at 10%: £100
£6,700 taxed at 20%: £1,340
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Your total capital gains tax (CGT) owed depends on two main components:
Your overall earnings determine how much of your capital gains are taxed at 10% or 20%.
Our capital gains tax rates guide explains this in more detail.
In your case where capital gains from shares were £20,000 and your total annual earnings were £69,000:
You pay no CGT on the first £12,300 that you make
You pay £100 at 10% tax rate for the next £1,000 of your capital gains
You pay £1,340 at 20% tax rate on the remaining £6,700 of your capital gains
You don’t have to pay Capital Gains Tax on property when:
If you have let out either part or all of your home for a while, you can also apply for letting relief.
This will be the lowest of:
Simple: if you own the property jointly, you each benefit from the £12,300 Capital Gains allowance.
You can nominate which one is your home. It doesn’t have to be where you live most of the time.
Married couples and civil partners can have only one main home between them.
If it has increased in value since you bought it, yes – read more here.
Until April 2020 you had two options:
However, starting from April 2020, all UK tax residents who sell property for a profit (except, of course, your home) have to use only the Real Time Capital Gains Tax Service.
How the real time service works:
This means that you won’t need to file a Self Assessment unless your income changes significantly during the year (there are different CGT rates if your income is under or over £50,270), or if you have another reason to file a tax return (for example, self-employment income).
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