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Where Taxpayers and Advisers Meet

Cgt before and after April 2020

rks2018
Posts:63
Joined:Sun Sep 16, 2018 1:27 pm
Cgt before and after April 2020

Postby rks2018 » Tue Dec 31, 2019 2:01 pm

Can anyone advise me what difference in cgt will be if I sell before April 2020 please . ?
We are joint owners ,brother and sister
Purchase price £11400 year 2000
Lived in for 24months main residence .
Then sister lived in on and off total 12 years to date .
I only lived there 1st 2 years
Current value £280,000
Previous purchase costs were £1500
Expected selling cost now be £500

I dont know how to calculate , would like to know if I sold before April 2020 what tax is liable against if I sold after April 2020. We are both able to claim £12500 cgt allowance ? I am higher rate tax payer she is lower .
Thanks

darthblingbling
Posts:698
Joined:Wed Aug 02, 2017 9:09 pm

Re: Cgt before and after April 2020

Postby darthblingbling » Tue Dec 31, 2019 4:11 pm

Slightly higher annual exempt allowance but less principal private residence relief available as from April 2020 you'll only get 9 months deemed occupancy at the end as opposed to 18 months.

I assume £11400 is a typo and you meant £114000? (If not, you got a bargain!)

Where else did your sister live after the first two years?

Did either of you move abroad or elsewhere in the UK for work?

Are either of you non UK resident?

I assume you are 50:50 owners?

rks2018
Posts:63
Joined:Sun Sep 16, 2018 1:27 pm

Re: Cgt before and after April 2020

Postby rks2018 » Tue Dec 31, 2019 4:49 pm

Hi , my sister was between my parents and this house constantly due to my parents illness , until June 2015 , I calculated she spent around 120 months in total at this house up to june 2015 . since June 2015 shes had lodgers , and we registered for self assessment then , She occupies approx 40% of property herself .
Yes sorry bought for £114,000.
Thanks

rks2018
Posts:63
Joined:Sun Sep 16, 2018 1:27 pm

Re: Cgt before and after April 2020

Postby rks2018 » Tue Dec 31, 2019 4:50 pm

Sorry yes 50/50 share owners


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