ChatterBank2 mins ago
capital gains tax to pay
2 Answers
I bought a flat in feb 2003 and lived there until Nov 2006, i rent it until it was sold in June 2009, how much capital gains is due on profit of 20k, i did spend some money on it but havent got receipts now, paid for lease extension too, so can I deduct this somewhere in the equation, finally when do i need to complete tax forms by is it 31 january on line, next year as sold june 2009? or now?
thank you
thank you
Answers
Best Answer
No best answer has yet been selected by pukkapig. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.I have some good news for you - I reckon you won't have to pay any CGT.
Here is the HMRC Help Sheet on this matter.
http://www.hmrc.gov.uk/helpsheets/hs283.pdf
Read it through and come back if you have further questions.
Look in particular on page 3 at 'Period of Ownership'.
You will find that the final 36 months after the property ceases to be your Principal Private Residence does NOT count against you for CGT purposes.
Whether by sheer fluke or intuition, you seem to have sold the property just within the 36 months window after you moved out.
Here is the HMRC Help Sheet on this matter.
http://www.hmrc.gov.uk/helpsheets/hs283.pdf
Read it through and come back if you have further questions.
Look in particular on page 3 at 'Period of Ownership'.
You will find that the final 36 months after the property ceases to be your Principal Private Residence does NOT count against you for CGT purposes.
Whether by sheer fluke or intuition, you seem to have sold the property just within the 36 months window after you moved out.