Capital Gains Tax where do I start?

ratboiler · 22 August 2017 at 8:31AM

I need help to get an idea of my CGT bill.
I bought a house in 1991 for 145k now worth approx 600k, it has a small mortgage of 50K. It was my principle place of living for around 3 years, then let for a while, then I moved back in for around 50% of the ownership, so it has been let off and on so to speak.
I don't have the exact dates and times I lived there. Currently it is let and I intend to sell the house within the next 5 years or sooner.
I am retired so fall into the lower tax Bracket but my wife is still working and in the higher tax bracket (40%).
Do I have to detail in exact days how long it has been let, if so where do I get the information from, maybe the electoral roll, does it go back that far, can I get into it?
I have been told there are different allowances for each year.
Next stop the tax office.
Any guidance welcome.

Keep_pedalling · 22 August 2017 at 9:23AM

The electoral role is not going to be much use as it does not give that sort of info and depends on the person living there to actually register. You should be able to cover the last 6 years through your bank statements.

One other complication. When you were living there for short spells between lets, did you still own another property and if so which one was your registered principle private residence?

pjcox2005 · 22 August 2017 at 10:28AM

Did you pay income tax on the income from letting as that potentially could be a solution on how to establish periods. Not sure how much information is shown though on personal tax logins with HMRC.

00ec25 · 22 August 2017 at 11:54AM

you do not have to calculate in days, but as a minimum you really should use months, particularly given you say there were on/off periods where you "used" the house yourself

surely you have kept records of the rent you received and can therefore work out when it was let ?

as for mechanics, you will need to calculate the private residence period % and the letting relief period % and apply them as shown in post #3 here: http://forums.moneysavingexpert.com/showthread.php?p=72991750#post72991750

ratboiler · 23 August 2017 at 9:16AM

Many thanks to the 3 people that replied, at least I have a starting point.
I did call up the HMRC yesterday and they were also very helpful and bear out your comments.

Capital Gains Tax where do I start?

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