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CGT Help on family home sold after some letting
barnaclebill
Posts: 411 Forumite
I have posted this on cutting tax but maybe it should be here?
I would like some advice about any CGT on the sale of our family house sold last year in August after just less than 3 years let out.
Bought in December 1999 for £128,000
Sold August 2014 for £230,000
Conservatory added in 2007 for £18,000 (Can't find the paperwork or the receipt)
Moved out November 2011 into rented property 350 miles away and property was let out December 2011 with an agency.
Let ended end of June 2014 and property put up for sale, we did not move back and it was sold vacant in August 2014 and we bought our present house in the area we were renting in.
House was in joint names and we are married over 45 years, my wife was not working and I was paying basic rate tax and paying tax on the income from the letting.
By my calculation I am not due to pay CGT but I have to declare it on my tax return, I believe I do not have to show the calculation unless asked for it.
I would like to ask the helpful forum members the following.
a) Have I calculated correctly.
b) How much do I declare on my tax return?
Thanks
I would like some advice about any CGT on the sale of our family house sold last year in August after just less than 3 years let out.
Bought in December 1999 for £128,000
Sold August 2014 for £230,000
Conservatory added in 2007 for £18,000 (Can't find the paperwork or the receipt)
Moved out November 2011 into rented property 350 miles away and property was let out December 2011 with an agency.
Let ended end of June 2014 and property put up for sale, we did not move back and it was sold vacant in August 2014 and we bought our present house in the area we were renting in.
House was in joint names and we are married over 45 years, my wife was not working and I was paying basic rate tax and paying tax on the income from the letting.
By my calculation I am not due to pay CGT but I have to declare it on my tax return, I believe I do not have to show the calculation unless asked for it.
I would like to ask the helpful forum members the following.
a) Have I calculated correctly.
b) How much do I declare on my tax return?
Thanks
0
Comments
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All posts are my personal opinion, not formal advice Always get proper, professional advice (particularly about anything legal!)0
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