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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4979
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I bought my flat as a but to let about 15 years ago for £60k

Resolved Question:

I bought my flat as a but to let about 15 years ago for £60k and intend to sell it fo £220K. There is no mortgage. I intend to buy another flat or house for more than this amount. Last year I had a pension of £6000 and rental income of £9000. What is my Capital gains Tax liability?
Thanking you in advance
Lyn
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.

Thank you for your question..

Please advise if you have had any rental income this year (since 6 Apr 2016) and if so, what was it.

Once I have the confirmation, I will calculate your CGT liability.

Many thanks

Customer: replied 1 year ago.
Rental Income is £4200
Expert:  taxadvisor.uk replied 1 year ago.

Lyn, thank you for your reply.

Based on information given your income in the current tax year is unlikely to exceed your personal allowance of £11,000.

Your CGT payable would be £38,492 and my calculations are attached.

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.

taxadvisor.uk and 2 other Tax Specialists are ready to help you
Expert:  taxadvisor.uk replied 1 year ago.

I thank you for accepting my answer.

Best wishes.

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