Re: Capital Gains Tax
Re: Capital Gains TaxIf 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.
Re: Capital Gains TaxTry these links there are a few online calculators that could be of help to you.
Re: Capital Gains TaxMy 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.
Re: Capital Gains TaxAs 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.
Re: Capital Gains TaxOne 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.