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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 invested 100k 3 years with a friend in a commercial

Customer Question

Hello
I invested 100k 3 years with a friend in a commercial property.
He bought the property in his name/company with a mortgage and developed it.
It was sold recently and I got £150k back. Does my profit qualify for Capital Gain
tax and do I report it within my annual return?
Thanks, Simon.
Submitted: 11 months ago.
Category: Tax
Expert:  taxadvisor.uk replied 11 months ago.

Hello and welcome to JustAnswer. I am here to help you. I am reviewing your question and will respond to you shortly.

Expert:  taxadvisor.uk replied 11 months ago.

Thank you for your question.

Your gain on investment is chargeable to CGT and you would claim gains annual allowance of £11,100 against the gain and the rest would be charged at CGT rate of 10%, 20% or a combination of both depending on your total taxable income in the tax year including the gain.

You report the gain on supplementary pages SA108 - Capital Gains summary when you file your tax return.

More information on capital gains reporting can be found here

http://www.andica.com/sa108_capital_gains_summary.html

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.

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