I have a second property which is currently let, I plan to sell in the next 6 months when current tenancy ends.
Details are as follows and I am trying to calculate the approx. CGT that will be liable upon the sale...
Purchased in Nov 2001 - cost £249k
Main residence for 44 months to June 2005
Property let between July 2005 to Current tenancy ends 28th Oct 2017 - 144 month
Void periods through July 2005 - Oct 2017 3 months
The current est value is £480k
Current previous CGT losses to be off-set £14.5k (from sale of shares)
Would appreciate it if the following can be confirmed.
PPR = £74500
Letting relief = 40000
CGT allowance = 11300
Previous CGT losses = 14500
The above gives a potential chargeable gain of approx. £98k therefore at 28% = approx. £27500 CGT to pay.
Thanks in advance for any guidance
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