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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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I sold my property and made a profit of 150000. I sold it on

Customer Question

I sold my property and made a profit of 150000. I sold it on April 11th 2016.
firstly when do I need to declare this in my tax return and secondly it is now savvings accounts, if I bought a property with the profit would that decrease my capital gains tax owed?
thank you
Submitted: 11 months ago.
Category: Tax
Expert:  taxadvisor.uk replied 11 months ago.
Thank you for your question...As the property was sold on 11 Apr 2015 and not Apr 2016 I presume, you would report the gain in your tax return for year ending 5 Apr 2016.CGT is based on realised gain after releifs and allowances.The fact you may wish to reinvest the proceeds/gain in another property of dispose of it in another way e.g. gift it etc, it would not reduce your CGT payable, I'm afraid. 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 11 months ago.
how much cgt will i have to pay if i earn 21k a year and have made the profit 150k-56k
Expert:  taxadvisor.uk replied 11 months ago.
Thank you for your reply.Lets say your chargeable gain is £150kYour CGT would bePotential capital gain £150,000 Tax year 2015-16Gains chargeable to CGT 150,000Annual Gains exempt allowance 11,100Chargeable gain 138,900 CGT calculationIf income after personal allowances is >£31,785then CGT on gain is taxed at 28% £38,892if income after personal allowances is less than£31,785 then some gain will be taxed at 18%and the balance at 28% - see example belowIncome after personal allowance (21,000-10,600) 10,400CGT calculationChargeable gain taxed at 18% 21,385Chargeable gain taxed at 28% 117,515CGT £36,754 Your CGT would be £36,754 I hope this is helpful and answers your question.

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