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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4803
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I need help to calculate CGT on my property

Resolved Question:

I need help to calculate CGT on my property
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Hello and welcome to the site. Thank you for your question.
I am another Tax Expert on this UK site. If you wish to proceed with me, please advise details and I will help you with your calculations.
Many thanks
Customer: replied 1 year ago.
I am currently in divorce proceedings and need to know how C.G.T. would effect
the proceeds from the sale of either of the two properties below. Neither property has an outstanding mortgage or has been used to secure other loans. Letting income was disclosed to HMRC.
*****SW12 0JH LEASEHOLD. PAUL FULTON SOLE LEASEHOLDER. 1 bedroom flatOCCUPIED AS TENNANT: 17 APRIL 1993 T0 19 APRIL 1998
DATE OF PURCHASE: 19 NOVEMBER 1998
PURCHASE PRICE: £25,000
CURRENT MARKET VALUATION: £350,000
ESTIMATED PROJECTED COST OF SALE (ESTATE AGENT, SOLICITORS): 3% ?
PERIOD LET OUT: 19 NOV 1998 TO 19 SEPT 2010
PERIOD OF REOCCUPANCY BY ME: 26 FEB 2011 TO PRESENT
COST OF MODERNISATION EXCLUDING DECORATION OCT – FEB: £ 60,557*****SW2 4DL, FREEHOLD. JOINT OWNERSHIP WITH WIFE. 3 bedroom house.DATE OF PURCHASE: 19 DEC 1997
PURCHASE PRICE: £149,950.00
CURRENT MARKET VALUATION: £900,000
ESTIMATED PROJECTED COST OF SALE : 3%?
PERIOD LET OUT: 11 SEPT 2009 TO 10 MAY 2011
PERIOD OF OCCUPANCY BY MY WIFE, MYSELF AND 2 CHILDREN: 19 DEC 1997 TO 11 SEPT 2009
PERIOD OF RE-OCCUPANCY BY TRACY AND CHILDREN: 10 MAY 2011 TO PRESENT
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your reply.
I will revert to you with my calculations shortly.
Many thanks
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your patience.Attached are my calculations. I hope this is helpful and answers your question.If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.
Customer: replied 1 year ago.
Thank you for your reply. I have a couple of queries:
Is Gains allowance of £11,100 a personal allowance for all capital gains in 1 year?
'CGT - maximum 28%' I wonder if CGT is banded.I need to provide these calculations to our respective solicitors with so kind of letterhead. would you be able to email the calculations to me or explain how to go about this please? ***@******.***Many thanks Paul Fulton
Expert:  taxadvisor.uk replied 1 year ago.
Paul, thank you for your reply.
Gains allowance of £11,100 (allowance for tax year 2015/16) is an allowance against all gains made in a tax year.
If your total taxable income including the gain is within the threshold for basic rate tax then the gain would be taxed at 18%.
If your taxable income before the gain puts you in the higher rate tax band, then the gain would be taxed at 28%.
If your taxable income before the gain is in basic rate tax band and the gain pushes it over the threshold, then some gain would be taxed at 18% and the rest at 28%.
As per JustAnswer rules, I am not allowed to send information on letterhead. I have sent you a pdf file with detailed calculations. You can print the document and present it to your respective solicitors.
I hope this is helpful.
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4803
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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