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Sam, Accountant
Category: Tax
Satisfied Customers: 14035
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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# Sam, can you please confirm my Cgt calculations /15

### Customer Question

Hi Sam, can you please confirm my Cgt calculations for 2014/15 tax year.
House bought 1983 for 30750
House sold 2014 for 190000
Gain less costs equals 156045
House owned 374 months (main residence 232 months (inc 18 bonus months)
House rented for the last 160 months
Private Residence Relief = 232/374 * 156045 = 96798
Lettings Relief (the lesser of)
1. 160/374 * 156045 = 66757
2. 96798 ( private residence relief )
3. 40000 (capped)
The lesser is 3)
Chargeable gain is therefore
59247 (156045 - 96798)
19247 ( 59247 - 40000)
8247 ( 19247 - 11000 relief)
2309 (8247 * 28%)
Therefore my tax payment should be 2309 by my calculation. I hope you can confirm it or tell me where I went wrong.
Robbie
Submitted: 1 year ago.
Category: Tax
Expert:  Sam replied 1 year ago.
Hi Robbie