CGT advice please!

LucyFulton

Hi there,

Can the CGT hivemind on here give me a quick back-of the envelope calculation on lettings / residential exemptions:

Bought property in April 2006 for £96,000
Selling in September 2019 for £220,000
(I have owned the property for 151 months)

I lived in the property from April 2006 until January 2010 (46 months) when I moved into rented accommodation with a partner.
I have let the property through an agent from January 2010 until now (116 months)
I purchased a second home in December 2015 which I have used as my main residence from December 2015 since (45 months)

Other reductions (am i correct in thinking these are reductions?):
Approx £6000 purchase and sale of property
I am currently renewing the leasehold - estimated £10,000
Approx £5000 renovation (not sure I have the receipt for this work carried out over 10 years ago - do I need to submit paperwork like this)

Anything else I can claim for?

Many thanks in advance.

00ec25

without paperwork you can forget the £5k "renovation" as you have no way to evidence the nature of the works and therefore if they were a repair instead of an improvement.

"renovation" suggests repair and the amount is small for a realistic capital improvement

your other expenses appear valid

read this for the mechanics of the calculation - your 2015 main home is utterly irrelevant to the CGT on the let property. You can claim letting relief and the final 18 months deemed occupation provided you complete the ale before April 2020


https://forums.moneysavingexpert.com/showpost.php?p=73621764&postcount=2

Durban

I didn't think that you were able to offset the purchasing costs of the BTL as it was originally bought as your residential home and not intended as a BTL when purchasing.

Is this wrong?

[Deleted User]

Durban wrote: »

I didn't think that you were able to offset the purchasing costs of the BTL as it was originally bought as your residential home and not intended as a BTL when purchasing.

Is this wrong?

It certainly is.

xylophone

provided you complete the ale before April 2020

Drowning her sorrows?

LucyFulton

Thanks very much for the guidance