Capital Gains Tax - Simple Query

[Tubbs123]

I've recently sold a property and in making the CTG return I'm unclear as to if I owe the taxman anything.

Property purchased for £28500 in 1995
Was PPR until until approx 2004 when I started renting out
Sold for £42000 in 2017

Of the £42000 then can I offset the selling agent and legal costs (£1785)? Are there any other items I can offset?

If the above is correct and there are no other costs I can offset then by my calculations;

£42000 sale
£1785 sale costs
£40215 net sale income

less £11100 CGT Allowance

leaving £28715
less £28500 (original purchase price)

Does this mean I owe CGT on £215?

This seems a really simple way of calculating this - I am simplifying too much?

Any guidance/advice gratefully received?

[SteLacca]

No. You owe nothing. I've had to round since you only give years (should be calculated at least based on months), but

Code: Select all

Disposal 42,000 Acquisition (28,500) -------- Gross 13,500 PPR (13,500 x9/22) (5,522) lettings relief (5,522) -------- Gain 2,456 Exempt 2,456 -------- Taxable 0

[Tubbs123]

Thanks you very much for the guidance