no cgt

[fernfurn]

I am thinking of selling a purchases pre 1985(is that the date?) house. I have had it rented for 10 years and have paid tax on earnings, plus land tax etc. So just wanting to double check that I dont have to pay capital gains tax on this??? can anyone confirm?

 

[dan c]

I am thinking of selling a purchases pre 1985(is that the date?) house. I have had it rented for 10 years and have paid tax on earnings, plus land tax etc. So just wanting to double check that I dont have to pay capital gains tax on this??? can anyone confirm?

If it was purchased pre 20 September 1985, then there is no CGT payable.

 

[Rob G.]

Assuming the house and any other structures were actually constructed pre Sep 1985.

Assuming that any post-CGT capital improvements are below the improvement threshold - these are separate CGT assets.

There may be balancing adjustments, and perhaps CGT, for depreciating assets - these are separate CGT assets.