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CGT on 2nd property.
Comments
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POPPYOSCAR wrote: »I have amended it to £33,500.
Are the rest of the calculations right please?
They look fine - don't forget to include buying and selling costs!0 -
[quote=[Deleted User];73123377]They look fine - don't forget to include buying and selling costs![/QUOTE]
Thank you.
Just using approximations to see if I have the basic formula right.0 -
Owned for 30years, lived in for 9, rented for 15, what happend for the other 6 years, empty?0
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Owned for 30years, lived in for 9, rented for 15, what happend for the other 6 years, empty?
It was empty for a while before being worked on, then gaps between lettings. Also family and friends lived there rent free when they needed to and it was empty.
Does this make any difference?0 -
Think the letting period is the total from when you started letting it to when you stopped, so you can still count gaps of a month or 2 between tenants. Maybe, best someone more in the know answers that0
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POPPYOSCAR wrote: »It was empty for a while before being worked on, then gaps between lettings. Also family and friends lived there rent free when they needed to and it was empty.
Does this make any difference?
Worked on? Were these capital improvements which would be added to your property costs for CGT purposes?
Brightly - you are very observant. However surely any calculation on a reduced period would still be way in excess of the maximum if £40000? Approx £170000.0 -
[quote=[Deleted User];73125920]Worked on? Were these capital improvements which would be added to your property costs for CGT purposes?
Brightly - you are very observant. However surely any calculation on a reduced period would still be way in excess of the maximum if £40000? Approx £170000.[/QUOTE]
Completely redecorated, new bathroom, kitchen, old falling down conservatory taken down.Patio laid. New boiler, shower fitted etc.
But this was 30 years ago no receipts or proof would be available.
How does the property not being rented out for the other 6 years affect the calculation of 15 years rental when it was?0 -
POPPYOSCAR wrote: »Completely redecorated, new bathroom, kitchen, old falling down conservatory taken down.Patio laid. New boiler, shower fitted etc.
But this was 30 years ago no receipts or proof would be available.
How does the property not being rented out for the other 6 years affect the calculation of 15 years rental when it was?
My point was that, even if it was let for only 9 years rather than 15, the letting relief calculation would become 108/360 x £530000 which is still considerably above the £40000 max.0 -
[quote=[Deleted User];73126188]My point was that, even if it was let for only 9 years rather than 15, the letting relief calculation would become 108/360 x £530000 which is still considerably above the £40000 max.[/QUOTE]
So the fact that it was owned for 30 years lived in for 9 rented for 15 leaving 6 years bears no relevance to the calculations?0 -
This discussion has been closed.
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