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Sam, Accountant
Category: Tax
Satisfied Customers: 14155
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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Sam, can you please confirm my Cgt calculations /15

Customer Question

Hi Sam, can you please confirm my Cgt calculations for 2014/15 tax year.
House bought 1983 for 30750
House sold 2014 for 190000
Gain less costs equals 156045
House owned 374 months (main residence 232 months (inc 18 bonus months)
House rented for the last 160 months
Private Residence Relief = 232/374 * 156045 = 96798
Lettings Relief (the lesser of)
1. 160/374 * 156045 = 66757
2. 96798 ( private residence relief )
3. 40000 (capped)
The lesser is 3)
Chargeable gain is therefore
59247 (156045 - 96798)
19247 ( 59247 - 40000)
8247 ( 19247 - 11000 relief)
2309 (8247 * 28%)
Therefore my tax payment should be 2309 by my calculation. I hope you can confirm it or tell me where I went wrong.
Much appreciated for your help.
Submitted: 2 years ago.
Category: Tax
Expert:  Sam replied 2 years ago.
Hi Robbie
Thanks for your question and asking for me
I agree your calculation - its correct with the application of both the private residence relief and private lettings relief.
And the tax due is accurate of this property was just in your sole name but would be less (possibly) if it is in joint names with anyone else
Customer: replied 2 years ago.
Many thanks Sam. I am glad I got it right.
Expert:  Sam replied 2 years ago.
You did indeed !
And you are very welcome.
Unless you need any furtehr assistance could I ask you to rate the level of service I have provided, as this ensures Just Answer credit me for my time