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bigduckontax
bigduckontax, Accountant
Category: Tax
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I pay my tax on line in the normal way, and this tax year will

Customer Question

I pay my tax on line in the normal way, and this tax year will pay aprox £1250.
In December I purchased a flat and intend to sell it this year. The profit on the sale will be
£10,000 after expenses. Do I have to add this profit to my normal income or is it treated separately as CGT, and how much would I have to pay on this sum?
Submitted: 3 years ago.
Category: Tax
Expert:  bigduckontax replied 3 years ago.
Hello, I'm Keith and happy to help you with your question.

You declare it as a capital gain in your annual self assessment tax return. If it were your sole or main domestic residence you would normally be entitled to Private Residence Relief at 100% of the gain. Were this not the case and the gain be subject to CGT your liability would still be zero as you have an Annual Exempt Allowance of 11K and you are only making 10K gain on the transaction.

That is the general situation from the data you have given me. CGT is highly complex, but in any event you would appear to have escaped its clutches anyway.
bigduckontax and 2 other Tax Specialists are ready to help you
Expert:  bigduckontax replied 3 years ago.
Thank yoiu for your sipport.

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