Hi,
me and my partner own an apartment we live in for 5 years.
2 years ago we've decided to move to a larger apartment and we bought an off plan property.
The markets have moved to our favour and now we're thinking to sell the off plan property and buy something different.
Would we have to pay the CGT and how do i calculate how much?
Let's say the profit we'd make on the off plan is 100K. I know i can deduct the allowance and the fees, let's say these are 11K and 6K respectively. This leaves 82K for 2 of us, so 41K each.
If one of us is on a higher tax rate (earning over 42K/year), would we pay 28% of the 41K?
If another one is earning below 42K/year, would they pay 18%?
Did i calculate correctly?
What can be done to reduce the tax burden, if anything?
Thank you!
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