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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5096
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I am a higher rate tax payer, could you tell me capital

This answer was rated:

Hi
I am a higher rate tax payer , could you tell me capital gains tax percentage I would pay
on the profit of a Comercial property .
Thank you

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

Thank you for your question.

I presume this is a pure investment and not a business asset or used by your business (not eligible for entrepreneurs' relief).

If the above applies then CGT rate of 20% would be applicable on the gain made.

More information on entrepreneurs' relief acn be found here

https://www.gov.uk/entrepreneurs-relief/eligibility

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’llbe happy to respo

Customer: replied 1 year ago.
It,s a comercial property owned outside of a limited company and in joint names of myself and wife .
I understand if it was residential then a 28% would be paid on profit , just wanted to distinguish between resdential and commercial .
Thank you

Thank you for your reply.

As the property is in joint names, your share would be 50% of the gain.

You would both be entitled to gains annual allowance (£11,100 each in the current tax year)

The rest would be taxed at 20% provided you are both higher rate taxpayers. In not the rate is 10%, 20% or a combination of both.

I hope this is helpful and answers your question.

Hi there

Just checking to see if you need further clarification from me on distinction between different capital gains tax rates or have I answered your question.

Many thanks

Customer: replied 1 year ago.
Thank you for the answer

Thank you for your reply.

I hope this is helpful and answers your question.

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