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bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4948
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Iam filling in my short tax return. Iam stuck at box 7.4 capital

Customer Question

Iam filling in my short tax return. Iam stuck at box 7.4 capital gains. I bought my house in 1974 for £1375.00 I have just sold iit for £25000.00. My wife now deceased took out a Discentioary Truct in 1974. IN 2008 I had the house valued by a local estate agent at between £24000 and £25000. I marrted again in 2007 she has a house but i have no value in it. Can I ignore the X box in 7.4?
Submitted: 2 years ago.
Category: Tax
Expert:  bigduckontax replied 2 years ago.
Hello, I am Keith one of the experts on Just Answer and happy to assist you with your question. As it was your sole or main domestic residence you would be entitled to Private Residence Relief (PRR). PRR relieves Capital Gains Tax (CGT) at 100% which is allowed automatically. There is no requirement for you to make an entry in the Box 7.4. For convenience you may wish to leave a comment in the general information box at the end of the form to the effect that you have disposed of your sole or main domestic residence, but this is just icing on the cake as it were and not necessarily essential. I do hope that you have found my response helpful.