how to work out cgt

[kanrent]

hi can anyone help me im trying to work out how much cgt i will have to pay just an approx amount but havent got a clue how to do it
i brought my house in 1984 for 26,000 pounds
i lived there for 17 years as my main and only residents
i moved out in 2001 and let the property for 13 years
i would now like to sell at the price of 300,000 pounds
can anyone give me an approximate idea of how much cgt i will have to pay
thank you

[pawncob]

Approx £118k is chargeable and letting relief will reduce this to £78k, taxable at your highest rate of tax after annual allowance (if available)

[GlobalTaxAdviser]

Purchase 26,000
Disposal 300,000
Profit 274,000
Less Selling Costs
Gain 274,000
PRR 155,267
Capital Gain 118,733
Letting Relief* 40,000
Gain 78,733
CGT Allowance 11,000
Capital Gain 67,733

*Letting relief: Lower of

£40,000 £40,000
Amount of PPR due £155,267
Amount gained by letting the property £51,047

Tax rate of 18% or 28% depends on your total income. Remember you can offset buying and selling costs as well as capital costs which can be significant

Kind Regards

Sash

[GlobalTaxAdviser]

Apologies I had made an error which I had just noticed:

Amended calculation

Purchase 26,000 01/01/1984

Disposal 300,000
Profit 274,000
Less Selling Costs
Gain 274,000
PRR 168,967
Capital Gain 105,033
Letting Relief* 40,000
Gain 65,033
CGT Allowance 11,000
Capital Gain Payable 54,033


Letting relief: Lower of

£40,000 £40,000
Amount of PPR due £168,967
Amount gained by letting the property £105,033

Can I add there are tax planning opportunities to bring down the CGT to zero

Kind Regards

Sash