Thank you for your question.
Please let me have more information and I will help you calculate CGT.
Thank you for your reply.
I look forward to receiving the information.
Thank you for additional information..
You state "The property was rented from 1 Jan 2014 until 31 Mar 2016. Prior to this it was used as the family home for both my son and daughter - my husband & I moved to another area for work".
Was the property your only property and main residence at any point during period of ownership. If so, for how long and when di you move to another area for work?
I will carry out CGT calculation and come back to you with my answer a bit later.
Thank you for your patience
Attached are my CGT calculations for your perusal.
I hope this is helpful and answers your question.
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the information would go in the tax return 2017 (tax year ending 5 Apr 2017) as sale of property took place in current tax year.
The figures needed for tax return are
Sale proceeds £95,000
gain made £38,530
Chargeable gain £11,163
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I have reviewed my calculations and it appears I had allowed a higher figure for letting relief (a relief period counted twice). I have reperformed my CGT calculations and attach a revised figure for chargaeble gain.
My apologies for the inadvertent error.
Attached is my working paper incorporating revised figure for capital improvements.
If you are a basic rate tax payer and your income is less than £40,000 then by adding the gain you would still remain within the basic rate band and therefore CGT rate of 18% would apply.
I will be happy to help you complete your tax return for no additional charge.
Please contact me through this thread.