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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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how much capital gains is estimated on 147 thousand

Customer Question

how much capital gains is estimated on 147 thousand
Submitted: 3 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 3 years ago.
Hello and welcome to the site. Thank you for your question.

CGT calculation -

Potential capital gain £147,000
Tax year 2014-15
Gains chargeable to CGT 147,000
Annual Gains exempt allowance 11,000
Chargeable gain 136,000
CGT calculation
If income after personal allowances is >£31,865
then CGT on gain is taxed at 28% £38,080
if income after personal allowances is less than
£31,865 then some gain will be taxed at 18%
and the balance at 28% - see example below
Income after personal allowance £15,000
CGT calculation
Chargeable gain taxed at 18% 16,865
Chargeable gain taxed at 28% 119,135
CGT £36,394


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