Capital Gains Tax (or CGT as it is commonly referred to) is currently 18% of the net profit achieved on sale after allowing for cost of purchase and expenses and any tax free exemptions that apply for the current tax year. Where the property has been owned since before 31 March 1982, it will be deemed to have had a cost equivalent to its market value as at that date. The property may be transferred into the name of an additional owner, spouse or relative immediately prior to the sale in order to benefit from the additional allowances available for that person against the net profit.
CGT is usually payable one year after the sale
We recommend that you consult a professional financial adviser to advise you of your most suitable option.