CGT-help with working out figures

CGT-help with working out figures

Postby jen15 on Fri Dec 30, 2011 9:25 pm

Hi,
Can someone please let me know what CGT I would owe after I sell my house which has been let out?

Profit on sale of house after deduction of buying & selling costs £65,700 (hope to complete late Jan 2012)
CGT allowance to come off this figure.
Will my personal tax allowance come into this? If so, it is £7,475
I am unemployed and have received no income other than the rent this past year.(600 a month gross)
I know there are two bands of CGT but I don't know how to work it all out and in what order.

Any help would be appreciated - thanks
Jen
jen15
 
Posts: 12
Joined: Fri Dec 30, 2011 9:12 pm

Re: CGT-help with working out figures

Postby Peter D on Sat Dec 31, 2011 2:32 pm

Assuming you never lived in the property and your only income was say £3,500 thus below the IT threshold then
CGT 18% 6,300
CGT 28% 6,132

CGT Bill 12,432

Regards Peter
Peter D
 
Posts: 9028
Joined: Wed Aug 06, 2008 3:37 pm


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