Capital gains tax

D

Dandysul

Guest
I bought my property 13yrs ago for £86000(punts) and i am now selling it for €700,000. Im 69yrs of age. What would be the capital gaindns tax on this?
 
There is a comercial unit attached to it worth half the value of the property. Will that make a difference??
 
Afaia, the commercial unit will be valued at todays price and it will have had a value when bought in 1993.
Lets say that the commercial unit was valued at 43,000 punts 54,600 euro in 1993 and 350,000 to day
Sold ...........................................350,000
less selling Exp (say) apportioned ........5,000
..................................................345,000
Purchases .....................54,600
less purchasing Exps say ...2,000
...................................56,600
Indexation Relief 1.331.....................75,335 (if bought after 6/4/93) - 1.356 if bought between 1/1/93 and 5/4/93
Gain ...........................................269,665

Less personal allowance ....................1,270 if not already used in relation to selling assets shares etc
Liable to CGT ...............................268,395
Tax @ 20 % ..................................53,679
 
Can someone please calculate the CGT liability on 2 investment properties based on the following info

First property bought in Nov 1988 for €45,000 (as PPR)
Rented from April 1999 to present
Valued today @ €700,000
Second Property purchased in March 1994 for €76,000 (as PPR)
Rented from August 2003 to present
Valued today @ €350,000
Is the property still considered to be your PPR for 1 Year after you have vacated it?
Please assume normal legal, buying and selling costs and sales will be completed this year.
 
If by any chance it was your business, you may qualify for a retirement relief on its disposal. Anyway worth mentioning- your tax adviser will no doubt give you specific advice.
 
CGT is only payable when the property is sold. I'll assume that they have been sold. I'll also assume that the purchase price has been converted to Euro

First Property

Sold ...........................................700,000
less selling Exp (say) apportioned ........5,000
.................................................. 695,000
Purchased .....................45,000
less purchasing Exps say ...2,000
...................................43,000
Indexation Relief 1.553.....................66,779
Gain ...........................................628,221
* Gain as Investment 54/216..............157,055

Less personal allowance ....................1,270
Liable to CGT ...............................155,785
Tax @ 20 % ..................................31,577

* Owned House 216 Months
Rented House 66 Months

Period Rented House in months - 12 months / Period owned house in months

Just noticed you have 2 PPR for the period March 94 to April 99. Is this an error. Which is correct? I'll let the above stand and correct if necessary when you reply
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Apologies - the two properties concerned have different owners - in other words each was bought as a PPR by each person separately.Thank you asdfg for such a clear and concise calculation.I do appreciate your efforts.
Sorry Vanilla it's not my business - thanks for the info,I'll bear it in mind for the future.
 
Calc for second property

Sold ...........................................350,000
less selling Exp (say) apportioned ........5,000
.................................................. 345,000
Purchased .....................76,000
less purchasing Exps say ...2,000
...................................74,000
Indexation Relief 1.331.....................98,494
Gain ...........................................246,506
* Gain as Investment 27/153.............43,501
Less personal allowance ....................1,270
Liable to CGT .................................42,231
Tax @ 20 % ....................................8,446

* Owned House 153 Months
Rented House 39 Months

Period Rented House in months - 12 months / Period owned house in months
 
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