CGT question

flyer

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?

[Deleted User]

‘Your house’ as in you lived in it as your main residence throughout ? If so, no tax to pay whatever the sale price.

flyer

Slight twist. We moved out 2 years ago and it is now rented. Does that change things?

didgeridoooo

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.

kuratowski

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?

[Deleted User]

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?

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.

flyer

[Deleted User] said:

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?

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.

Sorry, it's in my name only