Postby wamstax » Wed Nov 11, 2020 6:30 pm
Hi there
So property sold in year ended 5th April 2020 so that in addition to the period you actually owned the property and occupied as main residence you would also be entitled to last 18 months as Main Residence Relief .
Therefore exempt amount of gain would be 24 months of occupation plus last 18 = 42 months over whole period of ownership = 276 months.
So if overall gain was £50,000 then £4,348 would be exempt leaving £45,652 chargeable less the annual exemption for the year (as long as nit used elsewhere) £12,000 = 33,652 at the appropriate tax charge rates of 18% and/or 28% depending on your other income for the year
regards and hope this helps
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