Hi
I disposed of a property last year and paid the capital gains tax within the the required timeframe. However I am now concerned that I got the calculation wrong.
I owned the property for a total of 70 months and had it rented for a period of 10 months within that time. In total we had another property as our PPR for 12 months.
I am assuming that the 'chargeable gains' is the total gain, i.e. sale price less buy price(gross gain) that is then divided by 7 (as the property was not PPR for a period of 10 months out of 70) to get the accurate chargable gain. I have applied deductions such as cost of aquisition(Solicitors etc) and costs of sale, from the Gross gains and then divided by 7. I think I should have deducted these from the net chargable gains and then worked out the tax due.
Any advice??
FS
I disposed of a property last year and paid the capital gains tax within the the required timeframe. However I am now concerned that I got the calculation wrong.
I owned the property for a total of 70 months and had it rented for a period of 10 months within that time. In total we had another property as our PPR for 12 months.
I am assuming that the 'chargeable gains' is the total gain, i.e. sale price less buy price(gross gain) that is then divided by 7 (as the property was not PPR for a period of 10 months out of 70) to get the accurate chargable gain. I have applied deductions such as cost of aquisition(Solicitors etc) and costs of sale, from the Gross gains and then divided by 7. I think I should have deducted these from the net chargable gains and then worked out the tax due.
Any advice??
FS