Capital gains tax

katsclaws

Just seen someone has already posted this. 

greatcrested

Happysave5 said:

...The main question is this, Can I legally move money somewhere else with the profits of the sale of the house to avoid cgt? I can't do anything before the sale now but what can I do after the sale of the house before declaring it? If anything? 

Third time lucky:

Making a gift(of any amount) to a relative is totally unrelated and will not affect your CGT liability.

The only thing you can do after the sale is pay the CGT you owe (within 30 days as others have pointed out).

If the capital gain is £60K, and your share is 50% (you've still not answered the earlier questions asked!), then your share of the gain is £30K.

From this you deduct allowable costs, say £1K (each) leaving £29K.

You have an annual allowance of £12.3K leaving £16,700 (assuming you've not used your allowance selling the Renois).

So you'll pay CGT at either 18% or 28% depending on your tax level, so around £3,006 or £4,676 which is not bad on a profit of £30,000.

Formore accurate figures, use the gov calculator:

https://www.gov.uk/tax-sell-property/work-out-your-gain

Happysave5

Renois???? Do you mean Renoir the French artist? If you're trying to be funny at least spell correctly. Look I know my cgt bill (I have done my homework) and was wondering if at all I could reduce it. The answer is no. Sometimes when it comes to tax not everything is spelled out in the mainstream. I thank people for their time. 

greatcrested

Nothing wrong with inserting a little light humour into a serious attempt to advise.

Whether you've used your annual allowance selling a picture, a helicopter, some shares, another property or anything else, the maths is the same!

Pippajane

I sold my only property last year. I used to live there but rented it out in the end and put it on a buy to let mortgage. I am getting mixed messages about whether or not I have to pay Capital Gains Tax. Can someone please advise? 

Thanks in advance.

[Deleted User]

Pippajane said:

I sold my only property last year. I used to live there but rented it out in the end and put it on a buy to let mortgage. I am getting mixed messages about whether or not I have to pay Capital Gains Tax. Can someone please advise? 

Thanks in advance.

Possibly as you won't get Private Residence Relief (PRR) for the full time you owned the property.  You'll get the time it was your only or main residence and the final 9 months.  You also get an annual allowance which is £12,300 this tax year.

macman

How much was the gain?