Capital Gains Tax - Simple Query
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?
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?