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Where Taxpayers and Advisers Meet

Capital gains on Conversion to flats

venture53
Posts:14
Joined:Thu Jun 16, 2011 12:56 pm
Capital gains on Conversion to flats

Postby venture53 » Fri Feb 23, 2018 11:18 am

Could somebody please help with the CGT calculations on a converted property. The house was bought in 1985 for £90,000. It was the main residence initially and then converted into three flats in 1992 and rented out. The property has been rented out since 1992. The individual flats are now each worth £160,000 approx. If they are sold now, what is the CG and how is it calculated using any reliefs or indexation. Thanks for your help

greybags1
Posts:47
Joined:Tue Jan 31, 2017 10:41 am
Location:NE Scotland

Re: Capital gains on Conversion to flats

Postby greybags1 » Fri Feb 23, 2018 4:58 pm

Have a look at HMRC's guidance here https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg65200p


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