Cap Gains Tax/let to buy

silvercar

Apart from the slap on the wrist for being late with your tax return the figures look just as good!

Assuming it is you have a gain of 95k less costs of 11.7k= 95-11.7=83.3k. living in it for 2.5 years woluld give you CGT exemption for then plus the last 3 years so 5.5 years in total out of the 6 years of ownership.

83.3 x 0.5 of 6 yrs = 7k. You would also get letting relief which is limited to 40k or the PPR relief or the relief when it was let (whichever lower). If this was restricted to the 2 years it was actually let it would cover the remaining 7k.

sunnydisposition_2

Sometimes there are financial and personal crises in your life and tax returns can be the straw that will break the camel's back. I am only just surfacing from an avalanche and am facing up to my last hurdle now. God knows, they may come and jail me before I get these accounts in, but I am only human, not bad, not lazy, not diddling tax - just a wee bit mown down by life. But there is light at the end of the tunnel.

Thank you so much for the help. Can I return the favour in any way? Flowers? Wine? Don't know if that's allowed on this site. You can PM me details.

Thanks

silvercar

Thank you so much for the help. Can I return the favour in any way? Flowers? Wine? Don't know if that's allowed on this site. You can PM me details.

Clicking the thanks button is all that is required!

I imagine that the very worst penalty would be a £100 fine for the tax return being late. As you don't owe any tax I can't see them imposing any other penalty.

sunnydisposition_2

There are a lot of good people on here. I'm very grateful. Thanks.