I have had the property for 8 years so is there any taper relief? I am 65 in 1 year's time, I am resident in Spain for tax purposes but am liable for tax on rent of the UK property. Is there any relevance to the timing of the property sale due to any changes in the last budget and also my age?
Suggestion:
In your shoes I'd be disinclined to rely on anything posted here.
With your residency issue, and particular requirement, it might be worth getting independent financial advice.
I've pasted links below to the CGT guide and how to find an IFA.
This is the sort of info you will find:-
To work out your Capital Gains Tax you'll need to look separately at each asset disposed of that's liable to Capital Gains Tax and in straightforward cases:
Take the disposal proceeds (usually the amount received) and deduct your costs and tax reliefs to work out each gain or loss.
Add together all of your gains for that tax year.
Add together all of the losses you've made for that tax year.
Deduct any allowable losses you've made that year from the gains to work out the overall gain or loss.
If the overall gain is below the annual tax-free allowance (known as the ‘Annual Exempt Amount’), there's no Capital Gains Tax to pay. The Annual Exempt Amount for individuals is £10,100 for 2009-10 and 2010-11.
If the overall gain is above the Annual Exempt Amount, you may be able to deduct unused losses from earlier years.
If the overall gain is still above the Annual Exempt Amount, you deduct the Annual Exempt Amount and work out the tax on the balance. The rate of tax is 18 per cent for 2009-10. Follow the 'Capital Gains Tax rates' link below to find the rates of tax for other years
