Capital Gains Tax - how to input on SA

ManicMum

Hello

can someone please help me? I am trying to input a capital gain on a BTL property sold in 10/11 tax year.

This is the background. Purchased Dec 2003. Lived in as main home until Feb 2007. Paid £169000 for it. From Feb 2007 until May 2010 it was rented out, therefore just going over the 3 year exempt renting out period for CGT.

I sold it for £207, 500. Property was jointly owned. I understand last 36 months are tax exempt so period of 4 months that is liable for CGT. I have input figures on SA but coming unstuck.

Do I enter the costs for whole property? WHere do I show these figures are 50:50?

It is showing I have a £35630 gain (based on entering whole figures) - where do I input partial residence relief and lettings relief?

Do I enter acquisition costs (eg. estate agents fees, solicitors) when house was initially purchased as our home or is that just if you purchased as BTL in first place?

Hope someone can help as think my head is going to explode and already hit the bottle!

Cheers.

ManicMum

Can anyone help with this? I have read all the HMRC notes and have a reasonable grip on this but not sure about how I show the property was 50:50 owned. Or can I just input figures as though I owned property myself and claim the full £40k lettings relief?

thanks

pjclar02

Hello there

You just enter your proportion of the relevant figures. So if total sales proceeds are £207,500, then you report £103,750. You can deduct costs associated with the sale, as well as costs associated with the purchase (again your 50% share of these)

You don't actually enter the PPR relief or the lettings relief on the face of the tax return form - you will need to submit a separate calculation disclosing these reliefs. You just enter the total taxable gain, which will be £nil.

Hope this helps

ManicMum

Thank you so much. :beer: