What do you include on your CGT HMRC calculation?

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  • AndrewDod
    replied
    You best bet is to take a look at the CGT section of a self assessment tax return. You do fill in that stuff, but not in quite the way you discuss. Then do a lot of reading and ask your explicit questions here with numbers. Someone may be enthused to help.

    Leave a comment:


  • TheFlash
    replied
    I've just read about Lettings Releif which I didn't know you could clam for as well as Private Residence Relief, so my new summary calculation would be as below. Be grateful if anyone who's done this before could comment.:

    Bought for X on day/month/year
    Sold for Y on day/month/year
    Costs of buying was B (including stamp duty, solicitors fees, etc)
    Costs of selling was S (estate agents fees, solicitors fees)
    Allowances for each person = £11,300
    Percentage of time lived in = 80% (including last 18 months which is given by HMRC as us being resident)

    Profit = (Y-X-B-S)
    Amount covered by Private Residence Relief = Profit * 0.8
    Chargeable Gain = Profit * 0.2
    Amount covered by Lettings Relief = Profit * 0.2 (if less than 40k, and less than Profit * 0.8)

    Amount to pay CGT Tax on = Profit - (Amount covered by Private Residence Relief) - (Amount covered by Lettings Relief)


    Amount to pay CGT per person (2) = (Amount to pay CGT Tax on / 2) - £11,300 (this comes out negative, so equates to zero liability)

    Leave a comment:


  • TheFlash
    started a topic What do you include on your CGT HMRC calculation?

    What do you include on your CGT HMRC calculation?

    We think our CGT for a house we let (we used to live in it) but then sold will be zero, and don't have to fill this out until next year (I hope) but thinking ahead (or do we need to fill it out at all?):

    Is it as simple as attaching a PDF with the following:

    Bought for X on day/month/year
    Sold for Y on day/month/year
    Costs of buying was B (including stamp duty, solicitors fees, etc)
    Costs of selling was S (estate agents fees, solicitors fees)
    Allowances for each person = £11,300
    Percentage of time lived in = 80% (including last 18 months which is given by HMRC as us being resident)

    Gain = (Y-X-B-S)
    Amount covered by Private Residence Relief = Gain * 0.8
    Amount Subject to CGT = Gain * 0.2

    CGT gain for each person (2) = (Amount Subject to CGT / 2) - £11,300 (this comes out negative, so equates to zero liability)

    Does that look about right, and do you need to include more specifics than this? (e.g. exact dates of tenants, address of property, receipts for solicitors etc)

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