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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 am a higher rate tax payer, could you tell me capital

Resolved Question:

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
Submitted: 10 months ago.
Category: Tax
Expert:  taxadvisor.uk replied 10 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 10 months ago.

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 10 months 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
Expert:  taxadvisor.uk replied 10 months ago.

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.

Expert:  taxadvisor.uk replied 10 months ago.

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 10 months ago.
Thank you for the answer
Expert:  taxadvisor.uk replied 10 months ago.

Thank you for your reply.

I hope this is helpful and answers your question.

taxadvisor.uk and other Tax Specialists are ready to help you

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