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Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 13915
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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I would like to know1. How much capital gain tax

Customer Question

Hello,I would like to know1. How much capital gain tax my husband needs to pay on selling his property
2. Will I need to pay capital tax? If any, how much capital gain tax I need to pay on selling my propertyWe got married in Sept 2014. He bought his flat in Jan 2013, and lived there until Aug 2013. He moved in with me in Sept 2013 letting out his flat since then. He declared the rental income in HMRC and has been paying the tax. The property remains in his sole name. His tax rate bracket is 45%my husband’s flat1) the purchase price, £327500 in Jan 20132) expenses Stamp Duty, £10500, legal fees(buying & selling) £3000, mortgage application fees £1000, real estate agent fee £175003) the selling price for £540000 in Feb 20164) capital expenditure as bathroom refurbishment : £500my flat1) the purchase price, £325000 in Jan 20132) expenses Stamp Duty, £10000, legal fees(buying & selling) £2000, mortgage application fees £1000, real estate agent fee for selling (will be around) £80003) the selling price for £580000 in Dec 20174) capital expenditure as bathroom refurbishment : £200005) the flat has been our main residence never been let, but we will move to a new flat he is buying in May 2016, after he sells his flat. The new flat will be our main residence and I will let my flat till I sell it.Thank you very much.
Submitted: 1 year ago.
Category: Tax
Expert:  Sam replied 1 year ago.
Answer listed here http://www.justanswer.co.uk/tax/9hvui-i-know1-capital-gain-tax.html Thanks Sam