CGT advice and calculation check please :)

[Deleted User]

Yes - it happens to the best of us - and to me also!!:)

silvercar

booksurr wrote: »

they were 135 and I was already in the process of correcting that when you posted so you are now quoting a post which no longer exists :cool:

Never mind, we all seem to agree on the methodology.

Result is that:

Parents have no tax to pay.

OP and wife have around 4400 to pay tax on. It looks like you sneak into the basic rate with this amount added to your income, so 18% of £4400= £792. Same for your wife.

Include it in your tax return for 2015-16 that is due by 31 January 2017 and you have to pay the tax by the same date.

skr80

Thank you everyone. Way beyond my basic understanding and knowledge but I do follow the logic you have all applied (Spock). As I am employed I don't do a tax return to HMRC per se - but am guessing that I need to get this done as a one off (do I have to show workings out / bills of sale / money transfers etc, or will a written explanation suffice)