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Sam
Sam, Accountant
Category: Tax
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Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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In reply to your question, the property was never used as my

Resolved Question:

In reply to your question, the property was never used as my main residence & was a rental investment property only.
Assistant: Thank you. Can you provide any more details to help us find you the right Expert?
Customer: Sam was dealing with this & I do not believe you need any more info.Advise
Submitted: 5 months ago.
Category: Tax
Expert:  Sam replied 5 months ago.

Hi

Thanks for this information

With a profit of £135,000 from which you can deduct the costs to buy and sell (such as legal, estate agent fees and stamp duty) along with any capital improvements such as new kitchen or bathroom

Then whatever is left will have the first £11,100 exempt as this is the annual exemption allowance and the remaining liable to capital gains tax.

Can you advsie what your annual income is then I can calculate the right figure of capital gains for you

Thanks

Sam

Customer: replied 5 months ago.
Sam I hope this will work & that I will only be charged for the £27 originally quoted please confirm. I am a pensioner on the lowest tax %. Does not the tax allowence for each year starting at year 2000 apply accumalatvely?
Expert:  Sam replied 5 months ago.

Hi

Thanks for your response

We experts are not involved in the payment side of matters - but I can only see this one question- have you posted more? If so let me know and I can send a message to the customer services side of the site for you

No the tax allowance for the annual exemption is just the one off exemption for the year of sale - so just one amount of £11,100 (which is the current rate) then up to the next £32000 is at 18% and anything over and above liable to 28% capital gains tax

But if you have other annual income then not all of the 18% rate will be available, so this £32,000 is reduced to cover other income first, and just that which remains is available for the capital gain

For example - if you have an annual income of £12,000 then of the £32000 only £20,000 will remin

So the annual exemption is applied first - allowing £11,100 exempt - then in this example the next £20,000 at 18% and then the remaining gain at 28%

That is why I was asking what your annual income is each year so I could provide you with a more accurate calculation, and if you have the costs to buy (legal fees and any stamp duty) and tos ell (legal fees and any estate agent fees) and if you have undertaken any capital improvements I can provide an accurate calcaultion for you.

Let me know if I can assist further

Thanks

Sam

Customer: replied 5 months ago.
Sam please advise the payment people that In trying to answer your question I inadvertly whent into the start routine including card
details etc. Otherwise I am happy to work the rest by myself.
Regards
Expert:  Sam replied 5 months ago.

HI

Thanks for your response

OK let me find this additional question you posted to get you that refund

If you do not need anything else in connection to this question in the meantime, then it would be very much appreciated if you would rate me for the level of service I have provided (or click accept) and if you do not get a refund on the other question within a few days then please do come back to em and I will continue to help you manage this

Thanks and have a great evening

Sam

Sam, Accountant
Category: Tax
Satisfied Customers: 13772
Experience: 26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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