CGT Question

L

lookwest

Guest
I am considering selling my second house which I have had rented out over the past 2 years. Before I commit to doing so I need to assess how much CGT I must pay. I bought the house in July 1984 and moved out in January 2003. I have been using Ishmaels Calculator to assess this figure. He does not have figures in it to determine how long it was my PPR and how long it was not the case.I presume these can be factored in at the end otherwise it may not be a good idea to sell it ever. Any thoughts?

Lookwest
 
Say you sell the house today. So you had the house for 251 months. You lived in it for 239 months (last 12 months are for free).

You sell for 400K with 10K costs of sale (leagal, auctioneer)

You bought for 50K with 5K costs of purchase.

So

Net Proceeds 390,000

Total Cost price 55,000
Indexation 1.819

= 100,045

Profit = 285,955

PPR Relief = 285955/251*239 = 272,283

Chargeable Gain 13,671

Less Personal Allowance 1,270

Taxable 12,401

Tax @20% 2,480

Hope this helps
 
I think the calculations are out about 80c.

(Kidding!)

Where else would somebody do the calcs ?
 
Thanks very much for the info, seems pretty precise to me.
 
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