Will I need to pay tax on property?

A question about : Will I need to pay tax on property?

Please excuse my naivity. I haven't looked into this much yet.

I jointly own a property that was our main home. We couldn't sell it so have rented it out and are renting another property. We are considering buying another property so I am just wondering if I sell my original property will tax be due on the excess from the sale?

Best answers:

• As the property was your main residence, you will be entitled to Principal Private Residence relief during the period of residence, plus the last 18 months of ownership. You will also be able to claim Letting Relief, which is the lower of:
  PPR
  Actual gain during let period
  Ј40,000
  If there is any gain left after the reliefs have been applied, then you can use your CGT allowance for the tax year of the sale. This is currently Ј11,000. Each owner will be able to use their gain. You can also knock off any costs of selling, e.g. estate agent's fee and solicitor's cost.
  Overall, unless the house has rocketed in price since you let it, then it is likely that your gain will fall under the CGT allowance so no tax will be payable.
• Thankyou that is very helpful. Does this apply even if we buy another property as our main residence?