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Dobra
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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?
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stevmk2
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13-02-2015, 03:20 PM
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Re: Capital Gains Tax

Originally Posted by Dobra ->
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
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11-03-2015, 01:58 PM
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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!
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11-03-2015, 05:57 PM
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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
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Dobra
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12-03-2015, 02:06 PM
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Re: Capital Gains Tax

Thank you both, will investigate further.
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Dobra
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30-10-2015, 10:33 PM
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Re: Capital Gains Tax

Still haven't finalised calculations. Must crack the whip....
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03-11-2015, 01:32 AM
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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.
William00
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06-12-2017, 07:56 PM
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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/
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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 ?
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07-12-2017, 10:10 PM
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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 didn’t have to pay as much as l thought l would.
 
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