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Where Taxpayers and Advisers Meet

CGT calculation - things to factor in

yaddy
Posts:2
Joined:Sun Aug 14, 2022 5:47 pm
CGT calculation - things to factor in

Postby yaddy » Sun Aug 14, 2022 6:12 pm

Hi,
I am calculating my CGT after selling a let property that I originally lived in for three years. Have I missed out anything from the calculation if you could let me know please:

After all calculations on the Sale, and establishing the Gain on the property, I have deducted
1- PRR at 45 months (36 months plus the last 9 months allowance)
2- Lettings Relief at 40K as for this property that is the minimum for this allowance
3- CGT allowance of 12300

and then calculated 28% of the remaining amount as my CGT tax. Have I missed anything else out as far as possible allowabe reductions?

Thanks!

darthblingbling
Posts:698
Joined:Wed Aug 02, 2017 9:09 pm

Re: CGT calculation - things to factor in

Postby darthblingbling » Sun Aug 14, 2022 9:20 pm

Lettings relief was 'effectively' abolished a few years ago, it still exists but for most it won't apply unless you lived in the property alongside your tenants.

May want to check that it will apply in your case.

yaddy
Posts:2
Joined:Sun Aug 14, 2022 5:47 pm

Re: CGT calculation - things to factor in

Postby yaddy » Mon Aug 15, 2022 10:23 am

Thanks, will do.


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