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TonyTax
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I am selling a property , it was purchased

Resolved Question:

I am selling a property , it was purchased in 2009.
From 18 Dec 2009 through 29 Oct 2011 I lived in this property as my main residence.
From 29 Oct 2011 through 1 Mar 2015 it was let out and I lived elsewhere.
Therefore 22 months as main residence, 40 months as rental property.
Gross Gain 145k.
Reliefs:
...Final 18 months always quality residence relief.
22 + 18 / 62 = 0.65 (fraction of gain qualifying )
0.65 x 145k = 93.5k
Therefore, 145k - 93.5k = 51.5k taxable
...letting relief can be applied
40k
Therefore 51.5k-40k = 11.5k taxable
...Annual CGT Exempt amount = 11k.
Therefore remaining taxable gain = 500GBP
I have made the above calculation on the amount of capital gains tax I should pay for, but I would like it confirmed or denied! This is my first time selling a property that was let out period of time.
Other deductions would of course be fees related to buying, selling, letting and stamp duty but I did not need to add these to get the figure down to zero.
Thanks
Nick
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.
.

Take a look at HS283 here on the main residence and CGT if you haven't already done so.

I can confirm that your calculation of the gain is correct.

I hope this helps but let me know if you have any further questions.
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15886
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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