How much cgt is payable

cravingsavings

Bought a property as a Buy to let in June 2005 £127500 My share 25% Wife 25% Another partner 50% ownership. Say £2500 buy and selling costs =£130000 invested. If we sold now for £170000 how much cgt would we owe individual. Thanks in advance.

booksurr

how come you cannot do such a simple calculation yourself, google would have shown you how in nanoseconds

https://www.gov.uk/capital-gains-tax/overview

the answer is nil, the 50% partner can work out their own tax

golum81

Hi,
Sale Price £170,000

Less Purchase Price £127,000
Less costs £ 2,500

Total Gain £40,000

25% ownership £10,000 No CGT to pay as PA is £11,100
50% ownership. £20,000

After PA, £8,900 is liable to CGT but the rate will depend on other income - either 18% or 28%

[Deleted User]

booksurr wrote: »

how come you cannot do such a simple calculation yourself, google would have shown you how in nanoseconds

https://www.gov.uk/capital-gains-tax/overview

the answer is nil, the 50% partner can work out their own tax

The op came on here to ask for advice - the very purpose of this forum? You can decide to assist or not - we all know that you have the knowledge! Why you feel the need to accompany many of your replies with a lecture or critical remark is beyond me!