CGT return on F11

K

kevgaa

Registered User
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Hi folks,

I sold my rental property last year and have calculated my liability etc and it was paid via ROS last year. I'm now completing the form 11 and the CGT section is like double dutch and I'm struggling to see what figures they require on the Form 11.

It was my PPR for a number of years so I have PPR relief, indexation on purchase price. Usual expenses on sale solicitor etc and I have claimed some capital allowance but from what I can see basically all I input on the from 11 is

1). residential premises and thats the sale price of the asset

2). Then after that is it just the chargeable gain I enter amount I will have to pay tax on before my personal allowance

3). then my 1270 allowance gives me the net chargeable gain figure to tax at 33%

It just looks too simplistic with all the figures that went into the calculations..
I suspect i'm missing something, do I need to enter purchase price, expenses, ppr relief or any of the figures that went into the calculations?

Hopefully somebody can clarify this for me.



regards

Kev.
 
No, that's correct

Make sure you keep a copy of the paperwork, price, calculation, in case the Revenue ask you to justify the gain

CGT is basically a self-declared tax - you are expected to be honest!
 
Just looking at the form 11 now as I complete it and while calculating my liability was easy trying to put the figures onto the correct places of the form 11 is confusing me..

E.g my CGT tax example figures are

Original purchase price: 100k
Selling price : 210k
expenses : 10k
CGT liability: 1000k
PPR relief : 50k
allowance : 1270
CGT Bill : 48730 *.33 = 16080

So now what figures do I put on the form 11?

From what I can see its the following
Details of Asset disposal:
Residential premises = 1 with sale price amount so 210k

Claims to relief - self
Disposal of PPR - enter amount for consideration = 50k

Gains / Losses / Net chargeable gain

Chargeable gain in the year ( before S604a & 604B relief) = 50K ( do I need to add 50K PPR relief to this figure)

Chargeable gain ( excluding life policies) net of allowable
current year losses S604A and S 605b relief = 50k

personal exemption = 1270

Net chargeable gain ( excluding foreign life polices) = 48730

Enter amount of net gain to be charged at 33% = 48730

All help greatly appreciated as the wording of the firleds is confusing me. Am I entering the figures correctly?


regards
kev.
 
Just been through a similar process whereby a BTL was originally our PPR etc.... I engaged our accountant to do this calculation and return our our behalf. Would consider myself pretty savy as have sold a number of vanilla BTLs in the past and was pretty close on my calculations versus our accountant. However, when its more complicated I would also use a professional as in my experience they save you money.
 
Thanks, Calculations I'm confident on as I got professional help with them but just filling in the form 11 just trying to make sure what figures go where as field descriptions dont make sense hence the example above to see if my reckoning is correct.
 
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