Capital gains tax

pmona70

Hi
I have a property that I have had for 19 years that i have rented the whole duration. I need to sell. I am living abroad. I am married and not working this past 15 years. Homemaker. Can anyone tell me what capital gains tax is due on this .please.
Many thanks
Pauline.

[Deleted User]

Well - you have provided no figures. The gain will be proceeds of sale less selling costs less purchase price less purchase costs. From this you take off £11300 leaving an amount chargeable to tax at either 18% or 28% or a mixture of both.

pmona70

Hi
House cost 35000 back in 1999. Value today around 125000. So 90000 of a gain less 11300. So am I right in thinking tax will be on the remaining gain. Thanks for your reply.

Linton

pmona70 wrote: »

Hi
House cost 35000 back in 1999. Value today around 125000. So 90000 of a gain less 11300. So am I right in thinking tax will be on the remaining gain. Thanks for your reply.

You can take off selling costs as well eg EA and solicitor fees. Otherwise you are correct.

jimmo

pmona70 wrote: »

I am living abroad.

If you are not resident in the UK you will only be liable to UK Capital Gains Tax in respect of the gains accruing from 5 April 2015. There are 3 possible methods of calculating what those gains are. The following link tells you exactly what you need to do and there is a link to a calculator under "Calculate what you need to pay"

https://www.gov.uk/guidance/capital-gains-tax-for-non-residents-uk-residential-property

Just one other potential issue, if you are a temporary non resident you could become liable to Capital Gains Tax on the full amount of the gain over the whole period of ownership (along the lines of your calculation in post #3) on your return to the UK and the test of whether your absence from the UK is "temporary" depends on the date you left.

https://www.gov.uk/tax-return-uk

Book-Worm_2

The only relief's from Capital Gains tax that I can think of require either capital losses to offset it off, or donations to charities.

To obtain capital losses you would need to sell, for example, stocks which were showing a loss.

Donations to charities would have to be accompanied by a gift-aid form as described in "gov.uk/government/publications/charities-detailed-guidance-notes/chapter-3-gift-aid".