Join for free
Reply
Page 1 of 2 1 2 >
Dobra's Avatar
Dobra
Senior Member
Dobra is offline
Isle of Wight GB
Joined: Sep 2011
Posts: 1,068
Dobra is male  Dobra has posted at least 25 times and has been a member for 3 months or more 
 
09-02-2015, 10:31 PM
1

Capital Gains Tax

Sold a flat end of last year, and as it was not our primary residence, CGT looms up. Seems rather unintelligible, trying to read the official handbook. Anyone been through the mill?
Reply With Quote
stevmk2's Avatar
stevmk2
Senior Member
stevmk2 is offline
Milton Keynes
Joined: Oct 2010
Posts: 3,325
stevmk2 is male  stevmk2 has posted at least 25 times and has been a member for 3 months or more 
 
13-02-2015, 03:20 PM
2

Re: Capital Gains Tax

Originally Posted by Dobra View Post
Sold a flat end of last year, and as it was not our primary residence, CGT looms up. Seems rather unintelligible, trying to read the official handbook. Anyone been through the mill?
No, Dobra but funnily enough this morning I was looking at something to do with Investments and I noticed it said £11,000 CGT is exempt so I'm assuming that it's "up to" that figure.

I could be wrong here but I also thought it said the rate is 10% thereafter too.

Sorry, perhaps I should stick to what I DO know about but I thought it might help! stevmk2
Reply With Quote
Lindyloo's Avatar
Lindyloo
Senior Member
Lindyloo is offline
isle of wight
Joined: May 2014
Posts: 939
Lindyloo is female  Lindyloo has posted at least 25 times and has been a member for 3 months or more 
 
11-03-2015, 01:58 PM
3

Re: Capital Gains Tax

If your profit on disposal is over £11K then you pay tax on anything over that amount. If you first bought the property prior to 1982, you use the market value in 1982 to assess the profit on sale.
The amount of tax you pay depends on your current income and if you're a lower or higher rate tax payer.......so either 18 or 28%.
You can deduct solicitors and agents fees and all costs for improvement.
Note: I thought there was a weighting allowance - am sure there used to be, but maybe that's now been scrapped???

If the worse comes to the worse, see if there's anything else you'd like to sell on which you'd make a loss within the same tax year!
Reply With Quote
Victors Mate
Senior Member
Victors Mate is offline
Planet Earth
Joined: Aug 2009
Posts: 1,471
Victors Mate is male  Victors Mate has posted at least 25 times and has been a member for 3 months or more 
 
11-03-2015, 05:57 PM
4

Re: Capital Gains Tax

Try these links there are a few online calculators that could be of help to you.

http://www.uktaxcalculators.co.uk/ca...calculator.php

http://www.invidion.co.uk/cgt/index..../css/tools.css
Reply With Quote
Dobra's Avatar
Dobra
Senior Member
Dobra is offline
Isle of Wight GB
Joined: Sep 2011
Posts: 1,068
Dobra is male  Dobra has posted at least 25 times and has been a member for 3 months or more 
 
12-03-2015, 02:06 PM
5

Re: Capital Gains Tax

Thank you both, will investigate further.
Reply With Quote
Dobra's Avatar
Dobra
Senior Member
Dobra is offline
Isle of Wight GB
Joined: Sep 2011
Posts: 1,068
Dobra is male  Dobra has posted at least 25 times and has been a member for 3 months or more 
 
30-10-2015, 10:33 PM
6

Re: Capital Gains Tax

Still haven't finalised calculations. Must crack the whip....
Reply With Quote
PhilipM's Avatar
PhilipM
Senior Member
PhilipM is offline
Wales, UK
Joined: Aug 2015
Posts: 367
PhilipM is male  PhilipM has posted at least 25 times and has been a member for 3 months or more 
 
03-11-2015, 01:32 AM
7

Re: Capital Gains Tax

My Mum had to do this when a formerly Let property was sold and it was very complicated and seemed a matter for the professionals, We were both away from the area as well. There is an issue of value at time of purchase which since ours had been inheritited years ago needed some sort of Registers of values looking up. We just left it to the professionals, our local Agents and Solicitors, but probably did not get best possible price, and Mum did have to pay some Capital Gains Tax.
Reply With Quote
William00
New Member!
William00 is offline
London
Joined: Dec 2017
Posts: 1
William00 is male 
 
06-12-2017, 07:56 PM
8

Re: Capital Gains Tax

As mentioned if your profits are £11k plus, you pay tax on anything over that amount. I'd give this site a go if I were you it's useful for tax calculations and you should be able to work out if you must pay tax on your CGT.

https://www.income-tax.co.uk/
Reply With Quote
realspeed
Chatterbox
realspeed is offline
east sussex
Joined: Sep 2014
Posts: 5,313
realspeed is male  realspeed has posted at least 25 times and has been a member for 3 months or more 
 
06-12-2017, 08:13 PM
9

Re: Capital Gains Tax

One way around it is to make it you main residence for a time, then selling it avoids CGT, you would though have to prove it was your main residence with bills/ bank details etc transferred to the address.

So if you sold your present home and move to the flat no tax after a year sell the flat and move and no CGT, or that is how I understand it.

The selling of both eventually may be more that CGT ?
Reply With Quote
Artangel's Avatar
Artangel
Chatterbox
Artangel is offline
UK
Joined: Oct 2015
Posts: 8,729
Artangel is female  Artangel has posted at least 25 times and has been a member for 3 months or more 
 
07-12-2017, 10:10 PM
10

Re: Capital Gains Tax

In 2013 when l sold a second home that l owned and was liable to Capital Gains Tax, l went to an Accountant.
I paid a £350 fee and l didnít have to pay as much as l thought l would.
Reply With Quote
Reply
Page 1 of 2 1 2 >

Thread Tools


© Copyright 2009, Over50sForum   Contact Us | Over 50s Forum! | Archive | Privacy Statement | Terms of Use | Top

Powered by vBulletin Copyright ©2000 - 2017, Jelsoft Enterprises Ltd.