How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask manas11 Your Own Question
manas11
manas11, Bachelor's Degree
Category: Calculus and Above
Satisfied Customers: 1554
Experience:  Tutor & Engineer
21791877
Type Your Calculus and Above Question Here...
manas11 is online now

London buy to rent flat bought for £120,000 in 1995 now

This answer was rated:

London buy to rent flat bought for £120,000 in 1995 now valued at £600,000 what is capital gains?

Hi,

Assuming you have never used that house as your primary residence, your Capital gains would be = Net gains from the sale - CGT allowance - Expenses (like stamp duty, legal fees on purchase/sale, Fees of estate agent, Property improvement costs)

Net gains from sale = (£600,000 - £120,000) = £480,000

CGT Allowance (for 2017/18)= £11300

Expenses = Depends upon how much you paid

Capital Gains liable for tax = £480,000 - £11300 - Expenses = £468,700 - Expenses

For more accurate calculations, I recommend that you use the following calculator and enter all the personal information requested -

https://www.tax.service.gov.uk/calculate-your-capital-gains/resident/properties/

Please let me know if there is anything else I can help you with today. Will really appreciate if you can kindly accept the answer.

Regards,

Manas

manas11 and other Calculus and Above Specialists are ready to help you

Related Calculus and Above Questions

  • Question Date Submitted
  • 1st 17/12/2021 17/12/2021
  • First 17/12/2021 17/12/2021
  • 1st 17/12/2021 17/12/2021
  • 1st 17/12/2021 17/12/2021
  • 1st 17/12/2021 17/12/2021
  • 1st 17/12/2021 17/12/2021
  • 1st 16/12/2021 17/12/2021
  • 1st 16/12/2021 16/12/2021
  • 1st 16/12/2021 16/12/2021
  • 1st 16/12/2021 16/12/2021