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bigduckontax
bigduckontax, Accountant
Category: Tax
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Experience:  FCCA FCMA CGMA ACIS
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Me and my wife are selling our property that we bought in

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Hello. Me and my wife are selling our property that we bought in 2013, which was our first and only property. We rented it out in 2016 (only for 2.5 years, it has been empty since May 2019), as I started working overseas. We are selling the property now. Do we have to pay CGT? We bought another property in Scotland in November 2015, which we still own. It is our home now every time we come back to UK, we never rented it out.

Hello, I amone of the experts on Just Answer and pleased to be able tohelp you withyour question.

When you bought the Scottish property did you elect as to which property you wished Private Residence Relief to be applied?

d.

Customer: replied 18 days ago.
Hi. I am afraid not
Customer: replied 17 days ago.
When will you be available for the live phone call?

HMRC will base the Private Residence Relief (PRR) on the facts which will point to your Scottish property However you will receive PRR on the first and only property for the period until you bought in Scotland and for the last 9 months of ownership when you are deemed to be in occupation, even if this is not the case. The CGT proportion will be thus adjuste when you sell your original property..

Ido not do telephone calls any more, they are no longer cast effective.

Customer: replied 17 days ago.
Even if we did not declare to HMRC which property we want the PRR to be attached to?

Yes,because HMRC will base their decision on the facts as no election was made,

Customer: replied 17 days ago.
Thanks for the info. Do you prepare tax returns? If yes, what is the fee you charge?

Sorry, Just Answer protocol does not allow me to take on private business from customers.

Customer: replied 17 days ago.
OK, thanks. I do not pay any tax in UK, neither does my wife, what is the tax rate used for CGT?

18% or 28% or a combination of the two rates depending on your UK income including the gain in the tax year of disposal. You have a non cumulative Annual Exempt Amount (AEA) of 12.3K to offset any gain.

bigduckontax and other Tax Specialists are ready to help you
Customer: replied 17 days ago.
Thanks

Pleased to have been of assistance.

Customer: replied 17 days ago.
Hello. I just got an email that i was charged £44 for the phone call, but you said you do not do phone call anymore. Could you please check? Thanks.

No problem, this charge does not crystalise until I advise that the call has been successfully completed which I shall not be doing.

Customer: replied 17 days ago.
Thanks

No problem, pleased to have been able to heelp.

Customer: replied 12 days ago.
Good afternoon. I just checked my bank account and found out that GBP 43.68 has been deducted, for the call that we dis not have. Could you please advise how I can get a refund?

Sorry, something seems to have gone wrong here and you will have to approach Just Answer Administration to unscramble the problem. I certainly did not say the the call had been successfully completed.