Capital gains tax

Jowo_2

I must say these formulas boggle though it could be my poor maths (plus the budget scheduled for tomorrow might change things quite radically anyhow).

Has anyone come across a decent online CGT calculator that factors in the additional complexity that comes from when an owner occupier lets it out for a certain period and then moves back in?

aw69

Thanks silvercar and getmore4less for confirming my thoughts and for your additional bits of info. Most helpful.

silvercar

Jowo wrote: »

I must say these formulas boggle though it could be my poor maths (plus the budget scheduled for tomorrow might change things quite radically anyhow).

Has anyone come across a decent online CGT calculator that factors in the additional complexity that comes from when an owner occupier lets it out for a certain period and then moves back in?

Never seen one. You have to find helpful peeps on forums. Or you could write one yourself.

TBH its a lot simpler now than when there was taper relief and indexation!

balf

Raggs wrote: »

Assuming the price hasn't rocketed, you almost certainly won't have to pay anything. If it is under both your names, almost certainly certainly.

They will take the price at purchase, the value sold, and divide the profit up equally between the years. Out of the nine years (or ten) 3 years you lived there, and you get another 3 years on top of that. You also, assuming you haven't used it, have 10k each, per year of CGT allowance.

Once all that has been taken into account, unless you bought the bargain of the millennium you shouldn't have to worry. Though changes are coming, so who knows .

Thanks - very helpful. My daughter bought a property in Huddersfield 10 years ago and had to go for work in London 6 years ago having spent quite a lot on the house. Couldn't sell it and has had it let. What is the position re money spent on a property which enhances the value. Can you claim this to reduce the cgt bill.

David.