I bought an apartment, with 45 years unexpired lease, for £69000 in 2014. In 2017 I extended the lease by 90 years, at an overall cost (premium and fees) of about £25000. I sold the property in September 2019 for £126000.
I hope to offset the cost of the lease extension (£25k) against the CGT due. I also hope to offset against CGT the estate agents and solicitors fees for the sale.
Given that I'm a basic rate taxpayer, and I understand my personal CG allowance for 2019/20 was £12000, I wonder how much should I budget for CGT on this sale in the next tax year?
Also interested in whether I'm likely to be able to complete my tax return for these circumstances online. Or whether I'm likely to need to contact my local tax office and enter into direct communication with them.
Any thoughts or experience on this much appreciated.
I hope to offset the cost of the lease extension (£25k) against the CGT due. I also hope to offset against CGT the estate agents and solicitors fees for the sale.
Given that I'm a basic rate taxpayer, and I understand my personal CG allowance for 2019/20 was £12000, I wonder how much should I budget for CGT on this sale in the next tax year?
Also interested in whether I'm likely to be able to complete my tax return for these circumstances online. Or whether I'm likely to need to contact my local tax office and enter into direct communication with them.
Any thoughts or experience on this much appreciated.
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