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TaxRobin
TaxRobin, Tax Consultant
Category: Tax
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Experience:  International tax
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I bought a house in march 2001 and sold it March 2016 My financial

Resolved Question:

I bought a house in march 2001 and sold it March 2016 My financial advisor needs to know what my CGT will be so that he can plan my future investments. . Details as follows
Bought for £80.000 Sold for £160.000
Purchase costs £1865.00 - Selling costs £2730.00
Lived in it for 1 Year Rented it for 14 Years.
I have paid tax on the rental income through self assessment
Am now a non tax payer.
Beryl Hookings
Submitted: 1 year ago.
Category: Tax
Expert:  TaxRobin replied 1 year ago.
£80865 would be your gain. £40,000 of Letting Relief is allowed which leaves £40865.You will pay 18% on residential property (£7355).
Customer: replied 1 year ago.
Has allowance been made for the year I lived in it and the 18 months relief on selling?
Expert:  TaxRobin replied 1 year ago.
I did take that into account in my estimate.
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