CGT Calculation

[Geo]

What is the formula to calculate the percentage of the capital gain payable as CGT on the sale of property that has been both lived in and rented?

i.e. House purchased 1987, lived in for 15 years then rented for:
a: 5 year
b: 7 year
c: 10 year

Thanks

[Ian McTernan CTA]

Not so much a formula as a set of rules..and would also depend on whether you took up residence again after the letting for a period and then sold as there is also the letting exemption to consider, together with taper relief, principal private residence relief, indexation allowance up to 1998, your own income level and the annual exemption.

Basic way of looking at it is number of months lived in over number of months rented (this is an over simplification).

Ian McTernan CTA
McTernan Associates Ltd
Chartered Tax Advisers
ian@imcternan.com