Hi there, I would be grateful if anyone can clarify a few points regarding CGT on yearly tax return please. My husband and I jointly owned a buy to let flat that was bought in October 2020 for £135,000, with legal/purchase fees of £6250. We sold the rented flat in June 2021 for £162,479 with legal/purchase fees of £2676. Am I interpreting the calculation rules as: Selling price, less original purchase price and less both sets of legal fees(on purchase and sale), leaving approx £18553, less a total of £12,300 exemption, which leaves £6253 applicable for CGT?
We are both basic rate taxpayers - would CGT be levied at 10% or 18%?
I complete a tax return every year, whereas my husband has been told not to complete one. Therefore do I put the full calculation onto my tax return - or do I have to complete 2 returns showing 50% on each return?
Also can I claim electrician fees incurred to bring the flat up to the legal requirement at that time (linked back smoke and heat alarms, co2 alarms etc) as an allowable expense?
Thanks for any help/advice. Much appreciated.
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