If I sell my small b and b will I be liable for capital gains or corporation tax? This house is also my home so not 100% business.
You would be liable for capital gains tax. Calculating the actual amount of tax can be difficult, as you will be entitled to both business and non-business asset taper relief, principal private residence relief, and letting exemption relief. You will also need to consider the implications of Owen v Elliott to calculate how much of the house qualifies for principal private residence relief.
I suggest you talk to a qualified accountant, preferably a member of the Chartered Institute of Taxation for proper advice.
Source(s):
www.tax.org.uk
u will have capital gains tax on the profits.......no corporation tax if you are not a Ltd company
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