Capital gains tax

[Catrina9]

Hi, 

My husband and I are considering letting out our whole house for Airbnb. We have friends with an empty flat they only use occasionally and they’ve offered it to us for a small fee during letting. We understand any income we receive will be taxable. The question where we are struggling to find answers is regarding capital gains tax when we sell our house as it would be classed as a business. Can anyone help clarify if for example after stopping Airbnb we waited for a certain amount of time to put our house on the market, would we still be subjected to capital gains tax? Any other helpful information in this respect would be welcome.

[David3267]

I'd suggest you get professional advice. Well meaning responses may not be correct & may cost you a lot in the long term

[Kevin1322]

I agree 100% with @David3267 see an accountant!

But as a comment, from my own accountant (who also does Airbnb herself) if it's under 7.5k  HMRC are not interested.

But as always in business keep books/records anyway.

[Sarah977]

@Catrina9  As others have advised, you should consult an accountant. In the places I'm familiar with, there is a certain amount of time prior to selling a home that you have to have occupied it as your primary residence, not using it for commercial ventures. That period of time and other aspects of the capital gains tax are best answered by a professional.