Capital Gains Tax

freddie2

Partner bought property on 10/05/2010 in his sole name for £207k
I owned a property in my sole name which I sold on 28/03/2013. Although I spent most of my time at my partners I did not change my place of residence on any official documents.
on 23/05/2013 we purchased a property in joint names and moved into together
Partners property transferred into joint names on 08/10/2013. This property rented  out , now sold for £290k, completing on 1/05/2025

Bookworm225

freddie2 said:

Partner bought property on 10/05/2010 in his sole name for £207k
I owned a property in my sole name which I sold on 28/03/2013. Although I spent most of my time at my partners I did not change my place of residence on any official documents.
on 23/05/2013 we purchased a property in joint names and moved into together
Partners property transferred into joint names on 08/10/2013. This property rented  out , now sold for £290k, completing on 1/05/2025

Property A purchased 10/05/2010 cost 207k (initially owned by partner as main home)
changed to joint ownership 08/10/2013 (assume 50/50?). Crucially at that date they were not married. 

Property B main home property owned by Freddie sold 28/03/2013 

Property C new main home for both partners joint purchase 23/05/2013 (marriage some 4 years + later)

Property A ceases as his main home wef May 2013 and sold 1/05/2025 for 290k
From Mar 13 to May 13 assume Freddie living in property A, but not married nor an owner of it at that time, so not eligible for main/only home relief on A before moving out of it

CGT for Partner on sale of (let) property A (PRR is available)
owned for May 2010 to  May 2025 = 181 months 
Gross gain (290 - 207) x 50% share = 41,500
less PRR May 2010 to May 2013 = 37 months + final 9 = 46/181 = 25.4%
41,500 - 10,547 - 3,000 CGT allowance = 27,953 net taxable gain 

CGT for Freddie on sale of (let) property A (PRR not available)
owned Oct 13 to May 2025 = 140 months
Gross gain is impossible to calculate as needs value of property at point of acquisition on 08/10/2013 as unmarried at that date so acquiring share of ownership is not backdated on the no gain no loss basis.
whatever that acquisition cost is, it will result in a gross gain from which only Freddie's 3k CGT allowance can be deducted to give their net taxable gain 

sheramber

Bookworm225 said:

freddie2 said:

Partner bought property on 10/05/2010 in his sole name for £207k
I owned a property in my sole name which I sold on 28/03/2013. Although I spent most of my time at my partners I did not change my place of residence on any official documents.
on 23/05/2013 we purchased a property in joint names and moved into together
Partners property transferred into joint names on 08/10/2013. This property rented  out , now sold for £290k, completing on 1/05/2025

Property A purchased 10/05/2010 cost 207k (initially owned by partner as main home)
changed to joint ownership 08/10/2013 (assume 50/50?). Crucially at that date they were not married. 

Property B main home property owned by Freddie sold 28/03/2013 

Property C new main home for both partners joint purchase 23/05/2013 (marriage some 4 years + later)

Property A ceases as his main home wef May 2013 and sold 1/05/2025 for 290k
From Mar 13 to May 13 assume Freddie living in property A, but not married nor an owner of it at that time, so not eligible for main/only home relief on A before moving out of it

CGT for Partner on sale of (let) property A (PRR is available)
owned for May 2010 to  May 2025 = 181 months 
Gross gain (290 - 207) x 50% share = 41,500
less PRR May 2010 to May 2013 = 37 months + final 9 = 46/181 = 25.4%
41,500 - 10,547 - 3,000 CGT allowance = 27,953 net taxable gain 

CGT for Freddie on sale of (let) property A (PRR not available)
owned Oct 13 to May 2025 = 140 months
Gross gain is impossible to calculate as needs value of property at point of acquisition on 08/10/2013 as unmarried at that date so acquiring share of ownership is not backdated on the no gain no loss basis.
whatever that acquisition cost is, it will result in a gross gain from which only Freddie's 3k CGT allowance can be deducted to give their net taxable gain 

buying/selling costs?

freddie2

That is really helpful , thank you.
So, just have to find the value of property on 8/10/13 and my CTG will be based on half that amount with no deductions apart from my 3k and half of any selling costs

Bookworm225

sheramber said:

Bookworm225 said:

freddie2 said:

Partner bought property on 10/05/2010 in his sole name for £207k
I owned a property in my sole name which I sold on 28/03/2013. Although I spent most of my time at my partners I did not change my place of residence on any official documents.
on 23/05/2013 we purchased a property in joint names and moved into together
Partners property transferred into joint names on 08/10/2013. This property rented  out , now sold for £290k, completing on 1/05/2025

Property A purchased 10/05/2010 cost 207k (initially owned by partner as main home)
changed to joint ownership 08/10/2013 (assume 50/50?). Crucially at that date they were not married. 

Property B main home property owned by Freddie sold 28/03/2013 

Property C new main home for both partners joint purchase 23/05/2013 (marriage some 4 years + later)

Property A ceases as his main home wef May 2013 and sold 1/05/2025 for 290k
From Mar 13 to May 13 assume Freddie living in property A, but not married nor an owner of it at that time, so not eligible for main/only home relief on A before moving out of it

CGT for Partner on sale of (let) property A (PRR is available)
owned for May 2010 to  May 2025 = 181 months 
Gross gain (290 - 207) x 50% share = 41,500
less PRR May 2010 to May 2013 = 37 months + final 9 = 46/181 = 25.4%
41,500 - 10,547 - 3,000 CGT allowance = 27,953 net taxable gain 

CGT for Freddie on sale of (let) property A (PRR not available)
owned Oct 13 to May 2025 = 140 months
Gross gain is impossible to calculate as needs value of property at point of acquisition on 08/10/2013 as unmarried at that date so acquiring share of ownership is not backdated on the no gain no loss basis.
whatever that acquisition cost is, it will result in a gross gain from which only Freddie's 3k CGT allowance can be deducted to give their net taxable gain 

buying/selling costs?

lets get the valuation sorted before getting into the minutiae
as per OP reply above they are aware of that anyway 

sheramber

Bookworm225 said:

sheramber said:

Bookworm225 said:

freddie2 said:

Partner bought property on 10/05/2010 in his sole name for £207k
I owned a property in my sole name which I sold on 28/03/2013. Although I spent most of my time at my partners I did not change my place of residence on any official documents.
on 23/05/2013 we purchased a property in joint names and moved into together
Partners property transferred into joint names on 08/10/2013. This property rented  out , now sold for £290k, completing on 1/05/2025

Property A purchased 10/05/2010 cost 207k (initially owned by partner as main home)
changed to joint ownership 08/10/2013 (assume 50/50?). Crucially at that date they were not married. 

Property B main home property owned by Freddie sold 28/03/2013 

Property C new main home for both partners joint purchase 23/05/2013 (marriage some 4 years + later)

Property A ceases as his main home wef May 2013 and sold 1/05/2025 for 290k
From Mar 13 to May 13 assume Freddie living in property A, but not married nor an owner of it at that time, so not eligible for main/only home relief on A before moving out of it

CGT for Partner on sale of (let) property A (PRR is available)
owned for May 2010 to  May 2025 = 181 months 
Gross gain (290 - 207) x 50% share = 41,500
less PRR May 2010 to May 2013 = 37 months + final 9 = 46/181 = 25.4%
41,500 - 10,547 - 3,000 CGT allowance = 27,953 net taxable gain 

CGT for Freddie on sale of (let) property A (PRR not available)
owned Oct 13 to May 2025 = 140 months
Gross gain is impossible to calculate as needs value of property at point of acquisition on 08/10/2013 as unmarried at that date so acquiring share of ownership is not backdated on the no gain no loss basis.
whatever that acquisition cost is, it will result in a gross gain from which only Freddie's 3k CGT allowance can be deducted to give their net taxable gain 

buying/selling costs?

lets get the valuation sorted before getting into the minutiae
as per OP reply above they are aware of that anyway 

But someone else looking for help coming across the post might not know

Bookworm225

sheramber said:

Bookworm225 said:

sheramber said:

Bookworm225 said:

freddie2 said:

Partner bought property on 10/05/2010 in his sole name for £207k
I owned a property in my sole name which I sold on 28/03/2013. Although I spent most of my time at my partners I did not change my place of residence on any official documents.
on 23/05/2013 we purchased a property in joint names and moved into together
Partners property transferred into joint names on 08/10/2013. This property rented  out , now sold for £290k, completing on 1/05/2025

Property A purchased 10/05/2010 cost 207k (initially owned by partner as main home)
changed to joint ownership 08/10/2013 (assume 50/50?). Crucially at that date they were not married. 

Property B main home property owned by Freddie sold 28/03/2013 

Property C new main home for both partners joint purchase 23/05/2013 (marriage some 4 years + later)

Property A ceases as his main home wef May 2013 and sold 1/05/2025 for 290k
From Mar 13 to May 13 assume Freddie living in property A, but not married nor an owner of it at that time, so not eligible for main/only home relief on A before moving out of it

CGT for Partner on sale of (let) property A (PRR is available)
owned for May 2010 to  May 2025 = 181 months 
Gross gain (290 - 207) x 50% share = 41,500
less PRR May 2010 to May 2013 = 37 months + final 9 = 46/181 = 25.4%
41,500 - 10,547 - 3,000 CGT allowance = 27,953 net taxable gain 

CGT for Freddie on sale of (let) property A (PRR not available)
owned Oct 13 to May 2025 = 140 months
Gross gain is impossible to calculate as needs value of property at point of acquisition on 08/10/2013 as unmarried at that date so acquiring share of ownership is not backdated on the no gain no loss basis.
whatever that acquisition cost is, it will result in a gross gain from which only Freddie's 3k CGT allowance can be deducted to give their net taxable gain 

buying/selling costs?

lets get the valuation sorted before getting into the minutiae
as per OP reply above they are aware of that anyway 

But someone else looking for help coming across the post might not know

then please feel free to write out the entire CGT manual for every answer given on here because if someone cannot come here with a grasp of the basics that they have looked up themselves then that is what you must do every time.

I note no one else has actually attempted to answer OP's question in this thread but seem keen to micro criticise those who have

sheramber

Bookworm225 said:

sheramber said:

Bookworm225 said:

sheramber said:

Bookworm225 said:

freddie2 said:

Partner bought property on 10/05/2010 in his sole name for £207k
I owned a property in my sole name which I sold on 28/03/2013. Although I spent most of my time at my partners I did not change my place of residence on any official documents.
on 23/05/2013 we purchased a property in joint names and moved into together
Partners property transferred into joint names on 08/10/2013. This property rented  out , now sold for £290k, completing on 1/05/2025

Property A purchased 10/05/2010 cost 207k (initially owned by partner as main home)
changed to joint ownership 08/10/2013 (assume 50/50?). Crucially at that date they were not married. 

Property B main home property owned by Freddie sold 28/03/2013 

Property C new main home for both partners joint purchase 23/05/2013 (marriage some 4 years + later)

Property A ceases as his main home wef May 2013 and sold 1/05/2025 for 290k
From Mar 13 to May 13 assume Freddie living in property A, but not married nor an owner of it at that time, so not eligible for main/only home relief on A before moving out of it

CGT for Partner on sale of (let) property A (PRR is available)
owned for May 2010 to  May 2025 = 181 months 
Gross gain (290 - 207) x 50% share = 41,500
less PRR May 2010 to May 2013 = 37 months + final 9 = 46/181 = 25.4%
41,500 - 10,547 - 3,000 CGT allowance = 27,953 net taxable gain 

CGT for Freddie on sale of (let) property A (PRR not available)
owned Oct 13 to May 2025 = 140 months
Gross gain is impossible to calculate as needs value of property at point of acquisition on 08/10/2013 as unmarried at that date so acquiring share of ownership is not backdated on the no gain no loss basis.
whatever that acquisition cost is, it will result in a gross gain from which only Freddie's 3k CGT allowance can be deducted to give their net taxable gain 

buying/selling costs?

lets get the valuation sorted before getting into the minutiae
as per OP reply above they are aware of that anyway 

But someone else looking for help coming across the post might not know

then please feel free to write out the entire CGT manual for every answer given on here because if someone cannot come here with a grasp of the basics that they have looked up themselves then that is what you must do every time.

I note no one else has actually attempted to answer OP's question in this thread but seem keen to micro criticise those who have

as you did here

pedantically the first option should be 
Window cleaning + crypto less (actual) expenses for window cleaning less (actual) expenses for crypto trading (given he is staking and therefore trading)

Your comments would apply here

sheramber

Bookworm225 said:

sheramber said:

Bookworm225 said:

sheramber said:

Bookworm225 said:

freddie2 said:

Partner bought property on 10/05/2010 in his sole name for £207k
I owned a property in my sole name which I sold on 28/03/2013. Although I spent most of my time at my partners I did not change my place of residence on any official documents.
on 23/05/2013 we purchased a property in joint names and moved into together
Partners property transferred into joint names on 08/10/2013. This property rented  out , now sold for £290k, completing on 1/05/2025

Property A purchased 10/05/2010 cost 207k (initially owned by partner as main home)
changed to joint ownership 08/10/2013 (assume 50/50?). Crucially at that date they were not married. 

Property B main home property owned by Freddie sold 28/03/2013 

Property C new main home for both partners joint purchase 23/05/2013 (marriage some 4 years + later)

Property A ceases as his main home wef May 2013 and sold 1/05/2025 for 290k
From Mar 13 to May 13 assume Freddie living in property A, but not married nor an owner of it at that time, so not eligible for main/only home relief on A before moving out of it

CGT for Partner on sale of (let) property A (PRR is available)
owned for May 2010 to  May 2025 = 181 months 
Gross gain (290 - 207) x 50% share = 41,500
less PRR May 2010 to May 2013 = 37 months + final 9 = 46/181 = 25.4%
41,500 - 10,547 - 3,000 CGT allowance = 27,953 net taxable gain 

CGT for Freddie on sale of (let) property A (PRR not available)
owned Oct 13 to May 2025 = 140 months
Gross gain is impossible to calculate as needs value of property at point of acquisition on 08/10/2013 as unmarried at that date so acquiring share of ownership is not backdated on the no gain no loss basis.
whatever that acquisition cost is, it will result in a gross gain from which only Freddie's 3k CGT allowance can be deducted to give their net taxable gain 

buying/selling costs?

lets get the valuation sorted before getting into the minutiae
as per OP reply above they are aware of that anyway 

But someone else looking for help coming across the post might not know

then please feel free to write out the entire CGT manual for every answer given on here because if someone cannot come here with a grasp of the basics that they have looked up themselves then that is what you must do every time.

I note no one else has actually attempted to answer OP's question in this thread but seem keen to micro criticise those who have

I assume you jumped to the conclusion that I had reported to you. 

Sorry to burst your bubble but I did not report anything or anybody.