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Capital Gains tax
polaris1967
Posts: 2 Newbie
I have owned a property for the past 15 years, i am now selling it and i want to calculate if i am due to pay CGT.
I purchased the proprty in 1992 for £40000
I am selling for £80000
It has been rented out for the past 4 years
I have spent approx £2000 doing it up to sell
I live in Scotland
I have no other CGT obligations
All advice would be much appreciated
I purchased the proprty in 1992 for £40000
I am selling for £80000
It has been rented out for the past 4 years
I have spent approx £2000 doing it up to sell
I live in Scotland
I have no other CGT obligations
All advice would be much appreciated
0
Comments
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Without grabbing a calculator & doing all the calculations, I couldn't give you a precise figure, but my "off the top of my head" quick-calc strongly suggests that there would be NO CGT liability.
Bear in mind that CGT is NOT due for the 11 out of 15 years you DID live in it as your PPR **PLUS** the Last 3 years of ownership, so CGT would only be relevant for one of those four years you rented it out ... Which would be WAY below the CGT Annual allowance (Even if you totally ignore the indexation & Relief allowances).Democracy is two wolves and a lamb voting on what to have for lunch.
Liberty is a well-armed lamb contesting the vote.
- Benjamin Franklin0
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