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Where Taxpayers and Advisers Meet

CGT help and questions.

Joined:Tue May 18, 2021 4:32 am
CGT help and questions.

Postby lhtc » Tue May 18, 2021 4:37 am


I am selling a property this summer. And now working out what I need to do capital gain wise.

The timeline of ownership is below.

March 14 - purchased flat - £160k
July 14 - extended lease - cost 3k.
April 16 - rented out property, as moved away for work.
Nov 18 - Tenants left. Had to cover bills/ mortgage myself and was registered at property.
Jun 19 - New tenants moved in
May 21 - Tenants left. Now looking to sell.
Jun 21 - living in property myself whilst its sold.
Sept 21 - hopeful for completion.

Sale price of £260k.

My questions are:

1 - Can I include the extension to lease cost as a ‘cost’?
2 - How to work out the private residence relief?
3 - What other ‘costs’ can be taken off? - assume estate agents, anything else?
4 - I am married (bought this before we got together) but my spouse is not named on the mortgage - can we still claim both our annual allowances?
5 - This is currently my only property (bought another property as my residence in 2016 and sold 2019), does that make a difference?
6 - What is the simplest formula to work out what is due.
7- I have been unemployed since earlier this year, but have a new role starting in early July. This role will see my salary be over the basic tax rate. Therefore will I be charged the 28% rate on all the gain?

Appreciate any advice..

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