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  • FIRST POST
    • pmona70
    • By pmona70 9th Mar 18, 8:22 PM
    • 2Posts
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    pmona70
    Capital gains tax
    • #1
    • 9th Mar 18, 8:22 PM
    Capital gains tax 9th Mar 18 at 8:22 PM
    Hi
    I have a property that I have had for 19 years that i have rented the whole duration. I need to sell. I am living abroad. I am married and not working this past 15 years. Homemaker. Can anyone tell me what capital gains tax is due on this .please.
    Many thanks
    Pauline.
Page 1
    • purdyoaten2
    • By purdyoaten2 9th Mar 18, 9:18 PM
    • 855 Posts
    • 406 Thanks
    purdyoaten2
    • #2
    • 9th Mar 18, 9:18 PM
    • #2
    • 9th Mar 18, 9:18 PM
    Well - you have provided no figures. The gain will be proceeds of sale less selling costs less purchase price less purchase costs. From this you take off 11300 leaving an amount chargeable to tax at either 18% or 28% or a mixture of both.
    purdyoaten lost his password
    • pmona70
    • By pmona70 10th Mar 18, 3:25 PM
    • 2 Posts
    • 0 Thanks
    pmona70
    • #3
    • 10th Mar 18, 3:25 PM
    • #3
    • 10th Mar 18, 3:25 PM
    Hi
    House cost 35000 back in 1999. Value today around 125000. So 90000 of a gain less 11300. So am I right in thinking tax will be on the remaining gain. Thanks for your reply.
    • Linton
    • By Linton 10th Mar 18, 4:20 PM
    • 9,373 Posts
    • 9,505 Thanks
    Linton
    • #4
    • 10th Mar 18, 4:20 PM
    • #4
    • 10th Mar 18, 4:20 PM
    Hi
    House cost 35000 back in 1999. Value today around 125000. So 90000 of a gain less 11300. So am I right in thinking tax will be on the remaining gain. Thanks for your reply.
    Originally posted by pmona70
    You can take off selling costs as well eg EA and solicitor fees. Otherwise you are correct.
    • jimmo
    • By jimmo 10th Mar 18, 10:30 PM
    • 1,934 Posts
    • 2,383 Thanks
    jimmo
    • #5
    • 10th Mar 18, 10:30 PM
    • #5
    • 10th Mar 18, 10:30 PM
    I am living abroad.
    Originally posted by pmona70
    If you are not resident in the UK you will only be liable to UK Capital Gains Tax in respect of the gains accruing from 5 April 2015. There are 3 possible methods of calculating what those gains are. The following link tells you exactly what you need to do and there is a link to a calculator under "Calculate what you need to pay"

    https://www.gov.uk/guidance/capital-gains-tax-for-non-residents-uk-residential-property

    Just one other potential issue, if you are a temporary non resident you could become liable to Capital Gains Tax on the full amount of the gain over the whole period of ownership (along the lines of your calculation in post #3) on your return to the UK and the test of whether your absence from the UK is "temporary" depends on the date you left.

    https://www.gov.uk/tax-return-uk
    Last edited by jimmo; 11-03-2018 at 12:36 AM.
    • Book-Worm
    • By Book-Worm 10th Mar 18, 10:57 PM
    • 5 Posts
    • 0 Thanks
    Book-Worm
    • #6
    • 10th Mar 18, 10:57 PM
    • #6
    • 10th Mar 18, 10:57 PM
    The only relief's from Capital Gains tax that I can think of require either capital losses to offset it off, or donations to charities.

    To obtain capital losses you would need to sell, for example, stocks which were showing a loss.

    Donations to charities would have to be accompanied by a gift-aid form as described in "gov.uk/government/publications/charities-detailed-guidance-notes/chapter-3-gift-aid".
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