CGT Calculations

KTD10

Hi all,

I've used this forum previously and it was very helpful. I'm a complete novice at this but can someone have a quick look at my calculations as my relief comes out at my exact amount of gains so I'm a bit concerned I've gone wrong somewhere.

Capital Gains Tax Relief
Owned Property: 22/12/2011 – 01/09/2017 = 2081 Days
Capital Gains (without Relief) = £36619

Private Residence Relief
Property lived in as main residence from 22/12/2011 – 12/09/2015 = 1361 Days
Plus last 18 months of ownership = 548 Days
Total = 1909 Days
Calculation for PRR Relief
36619 x 1909 / 2081 = £33592.35

Letting Relief
Property let from 12/09/2015 – 15/05/2017 (Excluding last 18 months of ownership) = 172 Days
Calculation for LR
36619 x 172 /2081 = £3026.65

Total Relief Claimed: £36619

00ec25

perfect calculation.

always going to get full relief where the lived period is long relative to the let, and the gain is (with respect) tiny, and therefore cannot breach the 40k letting relief cap

you won't even need to touch your exempt allowance either

KTD10

Thank you, that's reassuring. I take it's ok to do it in days as opposed to months? I saw an example on the forum had suggested days or months but I've only ever seen HMRC examples in months.

00ec25

KTD10 wrote: »

Thank you, that's reassuring. I take it's ok to do it in days as opposed to months? I saw an example on the forum had suggested days or months but I've only ever seen HMRC examples in months.

the choice is yours. Days is by definition the best since it is absolutely accurate and therefore many will choose months as it brings in a few pennies of roundings and fudge factors

stick with days !