Just completed sale - Capital Gains help

CoffeeCup

I have just completed the sale on my property and can't get my head around CGT.

Here are the facts

Purchased on my own in April 2000
Moved in with boyfriend January 2003

Property has been rented out over next few years privately and through an Estate Agent

Empty since September 2009

Just completed sale with profit

Bought current property with now husband in 2006

Any advice gladly welcome.


Thanks for link by pm

pjclar02

Hello there

You first need to calculate the gain:

Proceeds minus original costs, minus cost of acquisition (legal, stamp duty etc), minus costs of sale (legal, estate agent etc).

Once you have your gain, you then need to apportion the gain to find out how much is taxable. You can claim private residence exemption for the period you lived there and the last three years, and you can then claim lettings relief.

So you have owned for 11 years and 9 months (??) so a total of 141 months. You lived there for 33 months + last 36 months. So 69/141 will be covered by PPR.

If you post up some figures someone here will calculate for you

kazca

I am sure that the previous poster, who certainly seems to know what they are talking about, will comment on the additional allowance known as Letting Relief when you supply the figures for your situation. In addition to these allowances, you also have a annual personal capital gains allowance of £10,600 for 2011/12.

Given all this with a bit of luck, nothing to pay :-)