Postby toneekc » Wed May 24, 2017 9:53 am
Hi All
I'm trying to work out if we will have any CGT to pay if we sell our B&B.
I have read that the time period involved, is from when you bought the property (1986) to when you sell.
Having applied all reliefs and expenses I have come up with a tax payable figure of just over £54,000.
Where I'm stuck is; the property was lived in for three years before it was opened as a B&B and then over a period
of 10 years the business percentage grew from opening with 4 sleeping rooms to 9.
Do I divide the tax payable figure I've arrived at by the number of days over 31years then reduce that figure by
a) The number of days we were not trading, and;
b) Decrease the Principal Private Residence Relief percentage as we built up the business.
toneekc