CGT on sale of jointly-owned BTL

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    CGT on sale of jointly-owned BTL

    I'm filling in my CGT pages and am a bit confused. I sold a buy-to-let property last year (it made a profit and was jointly owned with my husband). On the form it asks what the sale proceeds were; do I enter exactly half of what we sold it for (and hubby does the same in his return), or do I put the actual sale amount? and are all subsequent answers all halved (like estate agents fees and purchase cost? Thank you

    #2
    You declare your share. 50/50 unless that is not the case. Did you also each declare half the rental income/profit. If you only purchased the house last year has there been a CG after expenses and persanal CG allowance. Regards Peter

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      #3
      Thanks Peter
      We bought the house about four years ago; its increased in value by about £30000 so our liabilities will be about 15000 each before allowances. incidentally if we submit now, will we have to pay the tax now, ie should we wait till the last minute (Jan 09) or can we submit now and pay the tax by Jan 09?

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        #4
        Sorry I missed you sold it last year rather than you purchased it last year. You can report the sale and figures now and pay before 31st Jan 09 depending when last year you sold it. Pete D

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          #5
          We sold it on 27th April 2007. Does this mean we have until 30th January 2009 to pay the tax due?

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            #6
            If you sold in last FY then the gain will attract taper relief. Post the dates of exchange of contracts on acquisition and disposal Legal fees and associates costs of acquisition and price paid and sales and legal fees and value at disposal and your individual Gross taxable income as this effect the tax rate you will individual pay, and I'll run the numbers for you. Regards Peter

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              #7
              Originally posted by mitchg View Post
              We sold it on 27th April 2007. Does this mean we have until 30th January 2009 to pay the tax due?
              Yes, assuming that was the date contracts were exchanged (unless conditional).

              The date should be 31 January 2009.

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