Please help me sleep tonight !!!!

[massifal]

Hi You Clever People
Hopefully this will be an easy one for you to answer.
Due to having a run of bad Tenants i am now having to sell my rented property ,but the thought of the CGT bill scares the S**t out of me.

I bought the property jointly with my wife in Sept 1987 for £30K
We Lived in it until Sept 1984 (7yrs excactly)
I am now in the process of selling it and it will hopefully realise a selling price of £130K

I have tried in vein to understand PPR ( 7yrs plus 1.5 ) I think, and then the letting relief ?????

My annual salary is around 12K and my wife has no income

foregoing expenses etc and just working on the above figures could some kind person PLEASE give me a layman's working out of how the bill will be worked out and the approx payment due .

Eternally Grateful in advance

Allan , OH & Carole of course
I

[bd6759]

I presume you lived in it until 1994!

Gain 100K, less acquisition and selling costs. Say £95K.

Owned for 309 months to the end of Feb 2015.
PPR due for 84 months, plus final 18 months = 102.

PPR relief 102/309 * 95K = 31,360

Gain after PPR Relief 63,640

Letting relief 31,360 (lesser of 31,360, 63,640 , 40,000)

Net Gain 32.280

50/50 split 16,140

Exemption 11,000

Taxable Gain 5,140

Tax due at 18% = 925.20 each

[massifal]

OOOOOOPPS yes sorry for the Typo lived in till 94 lol
And assuming the above is correct I shall sleep a lot better now PHEW
Thank you