tax liability on selling

angrypassenger

hi
i have owned a flat for around 8 years, i paid £32000 for it, i have had the place let for the last 8 years except for the last 7 months,it has been empty since the middle of may,
if i sold the flat now for say £70000 - estate agent fees/lawyer fees of around £3250.
how much tax would i be liable for?
thanks in advance

PasturesNew

Before an expert comes along, my guesstimate would be:
70000 - 32000 -3000 (fees) = 35000
35000 - 10000 = 25000 (yearly allowance)
25000 x 18% = £4500

Note 1: I do NOT know what I am talking about, this is purely a guesstimate based on ZERO knowledge.

silvercar

70k-32k=38k less selling fees (3.25k) less any buying fees (say 1.25k, for legal + survey) = 33.5k

CGT allowance for this year is 9.6k, if not used elsewhere.

33.5-9.6=23.9.

23.9 x 18%=4.3k. Include it in your tax return for 2008-09 (request one if you don't get one) and pay the tax by end January 2010.

If you don't need the money, sticking it in a savings account til the tax is due will go a long way towards meeting the bill.