CGT Help

[Wood]

I bought a house in Jan 91 for £44k which was my princ res until Jan 95, afer which it was rented out until I sold it for £75k in Dec 02.
Could somebody give me an idea of what % CGT I will be liable for.
Do the incidental costs include stamp duty,solctrs,est agents fees and would the enhancement costs include new double glazing?
Also, I married in 96, although my Wife was never legally connected to the property is it too late to use her allowance.

Thanks for any help..and could somebody advise me if I benefit at all from having my return
done professionally.

[Neale]

A rough guide:-

1991-2003 = 131 months ownership.
You lived there for 48 months and the last 36 are 'deemed residence'. Therefore taxable on 47/131 of any gain after allowable costs Gain (excluding costs) was 31K (75-44)

Indexation figures were 0.249 for Jan 91.You get further relief against your purchase price plus acquisition costs for this figure which is approx. 11K

This reduces gain to approx. 20K which inturn is subject to taper relief from 1998-2002 and the proportions referred to above. There is also lettings exemption and (if you haven't utilised it elsewhere in the same tax year) your annual exemption.

All of which is likely in this case to result in tax charge. If you wish to avoid professional fees, you could get the Revenue to talk you through completion of the return.
http://www.inlandrevenue.gov.uk/pdfs/20 ... /ir283.pdf is a good starting point.

[Neale]

Above should of course read "likely to result in NO tax charge".