Hello.
My wife and I have just sold her mothers flat, which since her death we have rented it out.
It's a pretty basic sale. We sold at a price. Let's say £200,000
Our only deductions from that is our original buying cost. Let's say £100,000.
Agents & solicitors fees for the buying and the selling. Lets say £10,000.
Capital gain is £90,000.
That's £45,000 gain each. deduct our allowance £12,300.00 each. = £32,700.00 @ 20% £6,540.00 Tax each??
We are now looking at the CGT tax form to fill in.
Please correct me if I am wrong:-
We have to fill in numbers 3 to 13, which seems to be pretty simple.
04) We put in our selling price.
05) We add our purchase price & include the Agents & Solicitors cost, but do we include the costs for the sale?
The rest about gains & losses in the year, I don't think that applies to us.
But where do we deduct our £12,300.00 allowance??
I look forward to your help.
Squibbs
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