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CGT for expats - specific question
thenap80
Posts: 454 Forumite
On the page where you list your initial loss or gain on CGT return for house sale, the example given on HMRC is simply sold price minus the purchase price. But I want to use time apportion method as I am living abroad. Do I just use my own method for working out the gain in this way and ignore HMRC guidance example on how to work out what they call the INITIAL GAIN.
They say gain but can interpret that as the apportioned method of GAIN?!
https://www.tax.service.gov.uk/capital-gains-tax-uk-property/initial-gain-or-loss/enter-initial-gain-or-loss
They say gain but can interpret that as the apportioned method of GAIN?!
https://www.tax.service.gov.uk/capital-gains-tax-uk-property/initial-gain-or-loss/enter-initial-gain-or-loss
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Comments
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Yes. It's an example only.0
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Only it doesn't stipulate it is only an example - it tells categorically the way to work out the 'initial gain' without giving clue to fact that the gain can be worked out another way (apportioned way) which for me and maybe most expats, would be better! HMRC sneaky then I guess!0
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Thanks for reply by the way - can I ask also then...
when I calculate PRR for when I resided at the property before letting it, do i multiply that fraction by the apportioned gain that I choose to use, and not simply a gain of sold price minus bought price!?0 -
There are many examples on the tax board, also some people will work it out for you.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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