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Capital gains tax calculation

Emmsy1976 · 2021-04-12 09:10:18

Need some help please, the Gov website is so complicated. I bought my flat on my own in June 2011 for £223k. I lived in it as my main home until March 2018 when I bought a second property and moved into second property, renting out first property. I sold the first property on 19 March 2021 for £424k. How much much CGT do I…

Comments

[Deleted User] Posts: 0 Newbie

13 April 2021 at 1:30PM edited 13 April 2021 at 1:33PM
macman said:

If you have a capital gain of £30K, then you clearly do have an income in that tax year, albeit in a one-off form.
In order to calculate the rate of CGT charged, the capital gain is added to your net income.

A little pedantic I know but, for many years, the annual tax return was referred to ‘A return of income and gains’

I see that HMRC still use that terminology on its website:

This means you pay UK tax on:
your UK income and gains
any foreign income and gains
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