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Need to compute a capital gains tax liability. Can you

Resolved Question:

Need to compute a capital gains tax liability. Can you provide me with a figure?
Submitted: 10 months ago.
Category: Tax
Expert:  Sam replied 10 months ago.

Hi

The gain is always calculated by the sale price less the acquisition (or purchase) value - this forms the initial gain.

From this initial gin you can deduct the costs to buy and sell (such as legal or broker fees) and also where property is concerned - the costs of any major capital improvements.

Then if property tax reliefs are applied if this was ever your main home and also if you let t out to tenants (and declared the rental income to HMRC)

Then the first £11,100 is exempt (as this is the annual exemption allowance)

Then its a question of what rate is due on any remaining gain which is determined by you annual income.

I have added a link that details this more https://www.gov.uk/capital-gains-tax/work-out-need-to-pay but do feel free to ask any follow up question re my response

Thanks

Sam

Sam, Accountant
Category: Tax
Satisfied Customers: 13810
Experience: 26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
Sam and other Tax Specialists are ready to help you
Customer: replied 10 months ago.
Thanks Sam.
This was a duplicate question which I couldn't delete. I have already had a detailed response from someone else.

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