My husband and I sold a property in July 2013 so I need to get a capital gains tax calculation for us both please - it was purchased by my husband in 1995 and was his main residence until May 2003, I also lived in the property as my main residence between May 2002 and May 2003 when we then bought a house together and moved in there in May 2003. We couldn't sell this flat at that time so decided to rent it out and did so between May 2004 until December 2012.
For my husband he has no income for tax year 2013-14
For me my income was £123,000 and tax paid was £42,000
what other information do you need to make this calculation ?
The property was purchased by my husband in 1995, for £95,000 it was sold for £320,000
When I lived in the property as my main residence it was then in my husbands name only - we decided to put it into joint names later in case one of us died.
I am just trying to ascertain now my CGT liability ?
Thank you for your reply.
Please advise month of purchase in 1995.
I will revert to you with my calculations in the next 2-3 hours as I am expecting a client in 10 minutes.Many thanks
purchase date was May 1996.
my losses from last tax years to carry forward are 24,989
cost of major renovations and improvements to the flat 21,300
legal and sale costs 9,400
let me know if you require further information
Thank you for your reply and for additional information.
The good news is that there is no CGT payable as gain is covered by private residence relief, letting relief and gains allowanceCGT calculation
Net gain per owner (15,622/2) = £7,811
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