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Capitol Gains Tax
kenny1964
Posts: 2 Newbie
Hi, I'm wondering if anyone can help me, with advice on if I have to pay extra tax, due to selling a 2nd property.
My wife and I owned the house from 1989 - 2017 (lived in 20 years till 2009)
We haven't lived in the house since 2009. Our son has lived in it, rent free 2009 - 2017.
After calculating the time owned, and the time we lived in it,
We made a gain of £11,143 which will be divided equally by my wife & I
My tax allowance is £11,100.
I earn before tax £21,249.
Do I have any extra tax to pay?
If so, what tax form, will I need to fill in?
Thank you in advance.
My wife and I owned the house from 1989 - 2017 (lived in 20 years till 2009)
We haven't lived in the house since 2009. Our son has lived in it, rent free 2009 - 2017.
After calculating the time owned, and the time we lived in it,
We made a gain of £11,143 which will be divided equally by my wife & I
My tax allowance is £11,100.
I earn before tax £21,249.
Do I have any extra tax to pay?
If so, what tax form, will I need to fill in?
Thank you in advance.
0
Comments
-
No tax due; it's within your allowance;
https://www.uktaxcalculators.co.uk/tax-rates/2017-2018/
So no need to report
https://www.gov.uk/capital-gains-tax/work-out-need-to-pay0 -
Thanks for the speedy replies, I just wanted to make sure that I was not inadvertently setting myself up for future problems, regarding tax.
Your help is very much appreciated.0
This discussion has been closed.
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