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Hello my name is ***** ***** I will help you with this.
What is the gain likely to be please?
Do you live in your own property?
Yes you would have to pay tax on the £60,000 (less expenses such as estate agent fees, Solicitor costs etc).
Assuming these come to £5000 then your gain would be £62,000.
You get the first £11,100 tax free so would pay on £50,900
You’ll either pay 18% if basis tax payer or 28% tax if higher on your gains,
You do it like this:
Work out how much taxable income you have - this is your income minus your Personal Allowance and any other Income Tax reliefs you’re entitled to.
Work out your total taxable gains.
Deduct your tax-free allowance from your total taxable gains.
Add this amount to your taxable income.
If this amount is within the basic Income Tax band for the 2015 to 2016 tax year, you’ll pay 18% Capital Gains Tax. You’ll pay 28% on any amount above this.
Can I clarify anything for you about this today please?
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