Capital Gains Tax

Cariad71

Hi,
I'm looking for some advice please.
We bought a house in Jan 2001 and lived there as our family home until Sept 2012.
Purchase Price £82000
The house has been rented since Dec 2012 until now. I cannot remember how much the fees were for buying so let's go with
£2000.
We upgraded an old fashioned kitchen and bathroom to luxury ones at a cost of £10000
We also converted the attic for £15000
Let's imagine that we sell in Dec 2016 for £200,000 and fees are £3000, how much CGT would we pay?

I have used the Government calculator but it doesn't help much as it tells me to work out the capital gain myself before proceeding and doesn't ask for dates of when it was rented out etc.

Am I right in thinking the gross gain is £118,000? Then I deduct the fees £5000 leaving £113,000. Then deduct the improvements? 113000-25000=88,000. So the gain is £88000? Then because we lived there for 11.5 years out of the 15 we get relief on that plus a further 1.5 years? So 13 years out of 15 or 86%? So 86% of the 88,000 is exempt? (75,680). So 12,320 is taxable?
I also read that there is a £11.100 tax free allowance.....is that in addition to wages or specific to CGT?
Husband is a higher rate tax payer and I am lower.

Can anyone give a rough estimate of how much CGT we will owe?
Pushing my luck now, but what if we sold for £210,000 in 2017?

Thanks in advance. I think I need an accountant;)

Bluebirdman_of_Alcathays

On phone so can't give in depth answer. Each person gets 11100 allowance. This is separate to IT personal allowance. You have forgotten about letting relief. In short, no CGT is due

Cariad71

Thank you Bluebird man. That, is great news!! Really appreciate you taking the time to repond:)

booksurr

see here for how to calculate it (use months not years)

http://forums.moneysavingexpert.com/showpost.php?p=69071134&postcount=6

as mentioned letting relief means you have a zero net gain, so owe nothing .

Also since "we bought" then bear in mind that the gain needs to be split per owner and each person then does the calculation on their share so each gets PRR, LR and personal allowance applied to their respective share of the gain

i doubt you even need to deduct the kitchen costs over which you would need to be careful as it is not certain they are a capital "improvement" given your claim of simply moving from old to luxury

Cariad71

Thanks I'll take a look.