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    I'm selling my rental property and would greatly appreciate some information on my CGT...

    Purchased flat in 2000 for £56000 and lived there until...
    Re-mortgaged for £105,000 in 2004 and rented out
    Selling it now for £160k

    Would very much appreciate any assistance in calculating my CGT liability in this scenario.

    Many thanks in advance.

    It would be a complete guess as you have not provided the dates. At least the MM/YYYY of purchase, first rental, and estimated exchange of contract date. Also provide the cost of acquisition and SDTL and the sales and legal fees. as these are deductible I also need your gross salary in the FY of disposal. I assume you are the sole owner. Regards Peter


      Purchase date 03/2000
      First rented date 09/2004
      Flat sale Exchange 15/08/2016
      SDLT £0
      Fees £3k
      gross salary £60k
      Sole owner yes



        Here is my guess :

        You have capital gains of 160K-56K= 104K after total 16 years ownership. The capital gains during the period under own residence is 4.5 years plus 18 months from moving out is exempt = 104K x 6/16 = 39K .

        The capital gain during letting is 104K x 10/16 = 65K . You can claims lettings relief up to 40K but cannot be more than 39K claimed for own residence.

        So the taxable capital gain = 65K -39K - 11K ( personal allowance ) = 15K . You can expect your tax bill charged at 28% rate = £4.2K


          Purchase 56,000 14/03/2000
          Disposal 160,000 15/08/2016
          Total Gain 101,000
          PRR 36,914 72 197
          Capital Gain 64,086
          Lett Relief 36,914 Qual Days 3805
          Net Gain 27,173
          CG Allow 11,100
          CGT 0 4,500
          CGT 0 0

          CGT Bill 4,500

          You do not say when you moved out and you have not included Acquisition costs and legal fees.
          Regards Peter


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