CGT again!

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  • jpkeates
    replied
    Originally posted by Another Fine Mess View Post
    Unless I am mistaken, if you sell a property which is in say the husbands sole name you cant after the sale ask for the wife's personal CGT allowance to be used, you have to arrange it before the sale, perhaps have the contract in both names.
    True, but that's not the situation here.

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  • Another Fine Mess
    replied
    Unless I am mistaken, if you sell a property which is in say the husbands sole name you cant after the sale ask for the wife's personal CGT allowance to be used, you have to arrange it before the sale, perhaps have the contract in both names.

    Leave a comment:


  • buzzard1994
    replied
    If you have ever lived there it can be quite a significant saving https://www.gov.uk/tax-sell-home/let-out-part-of-home

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  • jpkeates
    replied
    As all above, so
    1 Yes
    2 Yes

    If either of you ever lived in the property, there may be some additional allowance for that period.

    Leave a comment:


  • Section20z
    replied
    As you probably know it's no longer sufficient to declare on your tax return and you will each have to make a declaration within 30 days of the gain.
    You can also deduct the cost of any improvements from the gain.

    Leave a comment:


  • Stew
    replied
    remember as well the potential sales costs when you dispose of it (estate agents + conveyancing) which can be deducted as well as any capital costs along the way or from pre-letting

    Just my personal view

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  • Gordon999
    replied
    The capital gain is calculated from the sale proceeds less the acquisition cost ( including the conveyancing cost and sdlt ( stamp duty) but ignoring the mortgage expenses ) and the gain is divided 50/50 . Each person declares half the gain on his/her tax return and claims the capital gains allowance.

    Leave a comment:


  • Bee175
    started a topic CGT again!

    CGT again!

    Hoping someone can clarify a couple of things regarding CGT.

    I own a rental property 50/50 with my wife. We are thinking of selling and have to consider CGT. I have been searching on line today on this subject as it is a new area for me.

    There are two things I would like clarification on.

    1) Can we both use our CGT allowance? This may seem obvious, but I've not seen the question specifically covered anywhere, and the online calculators I've used provide no method for adding two allowances.

    2) I've read that the stamp duty we paid when we bought the property should also be included as a cost in the CGT calculation. Is this really correct?

    Many thanks.
    Gary.

Latest Activity

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  • Reply to CGT after selling my main residence
    by AndrewDod
    It doesn't have to be let out.

    If OP lives in house for 5 years, then finds another primary residence (declared as such, or based on the facts) and then sells original house 2 years later, CGT would be payable on 2/7ths of the gain.

    If the OP had owned and lived in the house...
    02-07-2020, 17:03 PM
  • CGT after selling my main residence
    by Echoes
    Hi there
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    I have few queries regarding selling my main residence which would impact on how much CGT I would pay...

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    02-07-2020, 14:14 PM
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    by Gordon999
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  • Reply to CGT after selling my main residence
    by jpkeates
    If you have lived in your main residence since you bought it, there's no CGT on the sale.

    If you let it out, CGT would be applicable on the period it was let less 9 months (so if you let it for less than 9 months before selling it, there would be no CGT to pay.

    You will need...
    02-07-2020, 14:59 PM
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    by jpkeates
    I'd include the 12th month.

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