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CGT question
flyer
Posts: 2,288 Forumite
in Cutting tax
I bought my house 5 years ago for £150K and put an extension on that cost me about £100K. It's now valued at £350K but we inadvertently threw away all receipts a couple of years ago. If I sell now, where do I stand?
Even if you are a minority of one, the truth is the truth.
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Comments
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‘Your house’ as in you lived in it as your main residence throughout ? If so, no tax to pay whatever the sale price.2
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Slight twist. We moved out 2 years ago and it is now rented. Does that change things?Even if you are a minority of one, the truth is the truth.0
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I believe it does. The period when it was not your "only or main residence" is liable for CGT, so a valuation from the start of that 2 yr period versus the sale price, is your gain, on which you have to pay the thieving swines a chunk of your gleeful profits.
Combatting the pandemic of BWLegal-19, one 'notice of discontinuance' at a time. :-)1 -
Last 9 months of ownership is deemed residence too. So assuming the ownership was exactly 5 years and the period of residence was exactly 3 years, that's 45/60 of the gain that benefits from principal private residence relief, leaving a gain of around 50k [ignoring improvements]I would suggest that you try to find some paperwork relating to the extension. Was nothing sent by email?
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It is also unclear whether the house is jointly owned or in the sole name of the op. The first post uses ‘I’ , ‘me’ and ‘we’ randomly.kuratowski said:Last 9 months of ownership is deemed residence too. So assuming the ownership was exactly 5 years and the period of residence was exactly 3 years, that's 45/60 of the gain that benefits from principal private residence relief, leaving a gain of around 50k [ignoring improvements]I would suggest that you try to find some paperwork relating to the extension. Was nothing sent by email?1 -
Sorry, it's in my name only[Deleted User] said:
It is also unclear whether the house is jointly owned or in the sole name of the op. The first post uses ‘I’ , ‘me’ and ‘we’ randomly.kuratowski said:Last 9 months of ownership is deemed residence too. So assuming the ownership was exactly 5 years and the period of residence was exactly 3 years, that's 45/60 of the gain that benefits from principal private residence relief, leaving a gain of around 50k [ignoring improvements]I would suggest that you try to find some paperwork relating to the extension. Was nothing sent by email?Even if you are a minority of one, the truth is the truth.0
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