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Capital Gains confusion
LoopyLou101
Posts: 2 Newbie
Am I required to pay CGT based on the following situation:
Purchased flat in 2003 for £42,500 with ex partner
In 2004 transferred mortgage to own name
In 2007 increased mortgage to £72,000 to allow purchase of buy to let property
In 2008 moved from flat to another property, renting flat (declared in previous SA's)
In 2010 sold flat for £80,000
I am confused as to wether I am exempt as the property was let for under 3 years?? If I have to pay, what figures would it be calculated on?
Purchased flat in 2003 for £42,500 with ex partner
In 2004 transferred mortgage to own name
In 2007 increased mortgage to £72,000 to allow purchase of buy to let property
In 2008 moved from flat to another property, renting flat (declared in previous SA's)
In 2010 sold flat for £80,000
I am confused as to wether I am exempt as the property was let for under 3 years?? If I have to pay, what figures would it be calculated on?
0
Comments
-
no tax to pay
because you have the period you lived there as exempt plus the last 3 years
plus you have a10,100 cgt allowance0
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