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Capital Gains new rules April 2020
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Crashy is confused as he's never had to pay CGT
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AnotherJoe wrote: »Crashy is confused as he's never had to pay CGT
Maybe you could explain how my assertion that less capital gain leads to less CGT is wrong (as stated in post #9)?0 -
Crashy_Time wrote: »Maybe you could explain how my assertion that less capital gain leads to less CGT is wrong (as stated in post #9)?
nah, my response was just a cheap shot at the fact you've never made a profit on property since selling up 20 years ago and never getting back into the game despite a couple of substantial crashes along the way when you'd have done quite nicely buying at those points. But you've always felt property would go lower. And been wrong often enough to be the classic stopped clock now.0 -
since selling up 20 years ago and never getting back int'nah, my response was just a cheap shot at the fact you've never made a profit on propertyo the game despite a couple of substantial crashes along the way when you'd have done quite nicely buying at those points. But you've always felt property would go lower. And been wrong often enough to be the classic stopped clock now.'
Yep.0 -
Can i get a CGT calc on this home, 35k in dec 2002, rented from dec 2006 for around 4 years, empty ever since, possibly sale price of 80k, its best to sell before april 2020 isn't it !0
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Can i get a CGT calc on this home, 35k in dec 2002, rented from dec 2006 for around 4 years, empty ever since, possibly sale price of 80k, its best to sell before april 2020 isn't it !
You should really start your own thread, and it should be on the tax board.
In the mean time, the first question asked will be whether you have ever lived in it as your principal private residence.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Hi Dave,
The current capital gain allowance is £12000 so you will each have to pay capital gains on the amount over that, or £1453. the rate is 18% so expect a capital gain bill each of £261
Can this capital allowance be claimed as well as personal income tax allowance? For example, the lady's husband earns £30,000 a year, would he have the £12,500 personal allowance and this £12,000 capital allowance so he pays taxes for (£30K-£12.5K) x 20% + (£13453-£12000)x18%?
Thank you
Janet0 -
if you cannot follow the instructions in the linked post below to calculate your own tax then you should pay someone to do it for youCan i get a CGT calc on this home, 35k in dec 2002, rented from dec 2006 for around 4 years, empty ever since, possibly sale price of 80k, its best to sell before april 2020 isn't it !
how to calculate CGT on a property you lived in and also let at other times0 -
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