Capital Gains Tax on property sale

Falafels

I recently sold a property which I had owned for 300 months (25 years almost to the day!) and I know some CGT will be due on it because it was rented out (for 52 months). My last tenant left at the end of January 2016, and I'd been living in it from then up until the sale completed on 16th October (last Friday). I'm finding the Gov.UK website CGT calculator very confusing, and was wondering if anyone on here could help, or point me in the direction of a current CGT calculator which is friendlier to the layman than wot the Guv one is!

Many thanks in advance! xxx

Mutton_Geoff

This is exactly the sort of thing I use an accountant for. Even their modest (£200?) fee can be factored in as costs.

theartfullodger

If "recently" is after 6th April 2020 you need to have done the CGT return within 30 days.  (!) Yes, 30 days.  I'm going through the process now.

Avoid those HMRC fines!

oldbikebloke

You provide no values so no one can help you 

ownership 300 months 
let 52
occupation as personal home during final 9 months so that is included in overall occupation period 
PRR (300-52) = 248 / 300 = 82.6%
liable period 100-82.6 = 17.4%

selling price (?) - purchase cost (?) - purchase and sales fees (?) = Gross gain (?)
Net taxable gain = gross gain (?) - PRR (gross gain x 82.6%)  - CGT allowance £12,300 (assumes 20/21 tax year of sale and no other gains that year) = £x?

CGT payable
unknown earnings for the year so impossible to calculate based on gain of £x

see here for a more useful example..... 
https://forums.moneysavingexpert.com/discussion/6204333/capital-gains-tax-minefield#latest

Falafels

oldbikebloke said:

You provide no values so no one can help you 

ownership 300 months 
let 52
occupation as personal home during final 9 months so that is included in overall occupation period 
PRR (300-52) = 248 / 300 = 82.6%
liable period 100-82.6 = 17.4%

selling price (?) - purchase cost (?) - purchase and sales fees (?) = Gross gain (?)
Net taxable gain = gross gain (?) - PRR (gross gain x 82.6%)  - CGT allowance £12,300 (assumes 20/21 tax year of sale and no other gains that year) = £x?

CGT payable
unknown earnings for the year so impossible to calculate based on gain of £x

see here for a more useful example..... 
https://forums.moneysavingexpert.com/discussion/6204333/capital-gains-tax-minefield#latest

Thanks! That’s actually really clear; on the website they send you all over the place.