Complicated Capital Gains scenario

Skutter47

Hi all, I have a complicated scenario to work out regarding paying capital gains and I wondered if any expert could give me some pointers. The scenario is as follows:

I bought a flat in June 2006 for £95000 paying around £1500 for solicitors fees and no stamp duty as it was exempt at that point. I lived in the flat for 11 years until June 2017 at which point I moved out and into a RENTED house with my partner. The flat sat empty for exactly a year until June 2018 while I did some work on it, and then it has been rented out for the 5 years since, until its impending sale which we will say happens today 18/10/2023 for the sake of argument, the flat is sold for £142,500 (to the tenant) with about £2000 paid in solicitors fees to sell it. 

In addition to this, I bought the house I was renting a year ago, so although the let-out flat was not my main residence, I also did not own a main residence until a year ago.

Any thoughts on how I work this out?

theartfullodger

That you moved out into a rented house is irrelevant to CGT on the 1st.

There are various CGT calculators on the net.  (try googling CGT property calculator).  But they all apply to current rules, not necessarily what will apply as & when you sell.

IIRC (did two myself, next two by accountants) HMRC do the sums online 4 U.  

NB IIRC currently must be declared AND PAID within 60 days of sale

Olinda99

My view is total ownership 17 years of which last 5 years rented out so tax due on 5/17ths of the gain

Gain is 142500-95000-1500-2000-6000

Last 6000 is this year's allowance

Once you have the gain, add it to your income. Tax at 18% on bit that falls under higher rate band, then 28%

All figures approximate !