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Posted: **Fri Jan 12, 2018 11:42 am**

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?

Posted: **Fri Jan 12, 2018 1:10 pm**

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

Posted: **Fri Jan 12, 2018 1:43 pm**

Thanks you very much for the guidance

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