Capital Gains Tax on my only residence

Isthisforreal99

monkey-fingers said:

Quickly throwing it into a calculator suggests that the taxable element (you can take the £3k for repairs into account) is £5,387

Considering you both (you say we?) have £3,000 each as a tax-free allowance, unless you have any other CGT considerations, then it appears nothing is owed.

Sadly, this calculator won't allow me to put the £6,000 allowance in - it assumes it's an individual completing it.

https://www.propertysolvers.co.uk/homeowners-hub/tax/capital-gains-tax-calculator/

On what basis are you saying the 3k repairs can be taken into account.

Repairs are not capital improvements. 

Isthisforreal99

monkey-fingers said:

Isthisforreal99 said:

monkey-fingers said:

Quickly throwing it into a calculator suggests that the taxable element (you can take the £3k for repairs into account) is £5,387

Considering you both (you say we?) have £3,000 each as a tax-free allowance, unless you have any other CGT considerations, then it appears nothing is owed.

Sadly, this calculator won't allow me to put the £6,000 allowance in - it assumes it's an individual completing it.

https://www.propertysolvers.co.uk/homeowners-hub/tax/capital-gains-tax-calculator/

On what basis are you saying the 3k repairs can be taken into account.

Repairs are not capital improvements. 

It depends if the roof needed repairing because it was broken, or because it looked nicer.....

In the same way, if you upgrade a functioning kitchen.

Exactly my point but you explicitly said they could take the £3k 'repairs' into account without that info

mybestattempt

Isthisforreal99 said:

monkey-fingers said:

Isthisforreal99 said:

monkey-fingers said:

Quickly throwing it into a calculator suggests that the taxable element (you can take the £3k for repairs into account) is £5,387

Considering you both (you say we?) have £3,000 each as a tax-free allowance, unless you have any other CGT considerations, then it appears nothing is owed.

Sadly, this calculator won't allow me to put the £6,000 allowance in - it assumes it's an individual completing it.

https://www.propertysolvers.co.uk/homeowners-hub/tax/capital-gains-tax-calculator/

On what basis are you saying the 3k repairs can be taken into account.

Repairs are not capital improvements. 

It depends if the roof needed repairing because it was broken, or because it looked nicer.....

In the same way, if you upgrade a functioning kitchen.

Exactly my point but you explicitly said they could take the £3k 'repairs' into account without that info

It's actually whether the expenditure enhanced the value of the property and is reflected in the value when it's sold:

https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg15180

The costs of partial new roof and replacing a fuse box are repairs/maintenance not enhancement expenditure.

saajan_12

Dottie64 said:

saajan_12
 Thank you for your reply, 
We bought the house in April 2019 and sold it On the 30th of July 2025
The tenants were there for 20 months until October 24
From October 2024, the house was empty it was up for sale
We bought the house for £187,500 and sold it for £213,000 and bought our next home. 
I don’t know if we can offset it, but we spent £3000 on a partial new roof and a new fuse box
What really worries me is that I had no idea about capital gains tax and have just discovered that you have 60 days to report it after which you are fined.

Since you lived there earlier, you automatically get the final 9 months of PRR regardless of actually living there. So PPR for the first 46 months + final 9 months = 55 months. Total ownership = 75 months. 

So you have PRR on 55/75 months = 73.3%

Your gain was 213-187.5 = 25.5k. You can also deduct buying and selling costs, eg solicitors, agents, etc. I think the 3k repairs is tenuous and more likely to be considered replacement of existing items rather than capital increases. 

monkey-fingers said:

Sadly, this calculator won't allow me to put the £6,000 allowance in - it assumes it's an individual completing it.

https://www.propertysolvers.co.uk/homeowners-hub/tax/capital-gains-tax-calculator/

Well you do the calculation per person, so you each made half the gain, ie 12,750 each. 
Deduct the PRR 73.3%, leaving 12,750 x (100% - 73.3% ) = 12,750 x 26.7% = 3,400. 
Less annual allowance each which is 3,000 if you haven't sold anything else this tax year (eg stocks & shares). 
Leaves £400 to pay tax on, at 18% / 24% respectively. 

You might even get it down to zero from just buying / selling costs. 

Jeremy535897

monkey-fingers said:

Sadly, this calculator won't allow me to put the £6,000 allowance in - it assumes it's an individual completing it.

https://www.propertysolvers.co.uk/homeowners-hub/tax/capital-gains-tax-calculator/

That's because you are trying to amalgamate two taxpayers into one.
Run it again using half the sale price and half the purchase price. Remember to increase both of these by any costs of purchase (legal fees, stamp duty), and costs of sale (legal fees, estate agent). Leave out the roof repairs and fuse box as they aren't "improvements." Put £3,000 annual exemption in (assuming no other gains). Your chargeable gain looks to be about 21 months out of 76 (others have explained this), and you may find your gain after including purchase and sale costs is small or nil. Whatever it is, it will be that figure for each of you.