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Question about CGT.... In tax year 17/18 I have transferred

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Question about CGT....
In tax year 17/18 I have transferred ownership of a house to a friend, creating a taxable gain of ££142k. This will be taxed at 28% I believe i.e tax of £40k.
During this year I have also sold equities at a loss of £68k.
What will be my CGT bill for 17/18 ?
What loss on sale of equities would I need to have a nil CGT bill for 17/18?
I pay higher rate income tax.
Thanks for your reply, Nick .

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

Thank you for your question..

You have a gain from sale of property and a loss from sale of sales in the current tax year. When you report a loss, the amount is deducted from the gains you made in the same tax year.

Your net gain would be (142,000-68,000) £74,000.

You claim gains annual amount of £11,300 against the above gain and the balance £62,700 would be taxed at 28% (being the rate applicable to sale of residential properties). CGT payable £17,556.

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.

Customer: replied 1 month ago.
OK, thanks for that, much as I had anticipated!!
Just to confirm, if I incur a further £63k of losses on sale of equities there should be no CGT payable for 17/18?
Not that I want any losses!!
Regards, Nick.

Nick, thank you for your reply.

You can offset all losses against all gains in the same year to mitigate CGT payable.

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