UK Tax
UK tax questions? Ask a UK tax advisor for answers ASAP
Connect one-on-one with {0} who will answer your question
Answered in 40 minutes by:
8/13/2010
Tony Tax, Tax Consultant
Category: UK Tax
Satisfied Customers: 16,712
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
VerifiedIf you can let me have the following information I'll do some calculations for you:
1 The month and year you bought the flat and what it cost to buy including legal costs and stamp duty if you can remember.
2 Did you move into the flat as soon as you bought it?
3 When did you move out (month and year)?
4 When was the flat first let (month and year)? Was it let continuously until you sold it?
5 What did you sell the flat for net of legal costs, estate agent fees, hip etc?
1 The month and year you bought the flat and what it cost to buy including legal costs and stamp duty if you can remember.
2 Did you move into the flat as soon as you bought it?
3 When did you move out (month and year)?
4 When was the flat first let (month and year)? Was it let continuously until you sold it?
5 What did you sell the flat for net of legal costs, estate agent fees, hip etc?
Thanks.
You owned the flat for 81 months of which you lived there for 43 and let it for 34. It was empty for 4 months. The gain is £54,554 (£185,000 - £6576 - (£133,000 + £9,130))
The gain for the period you lived there and the gain for the last 36 months of ownership are exempt. That accounts for £53,207 of the gain (£54,554 / 81 x 79).
The remaining gain is £1,347 is for two vacant months in 2007 (£54,554 / 81 x 2). This is covered by the annual CGT exemption so you won't have any Capital Gains Tax to pay.
You owned the flat for 81 months of which you lived there for 43 and let it for 34. It was empty for 4 months. The gain is £54,554 (£185,000 - £6576 - (£133,000 + £9,130))
The gain for the period you lived there and the gain for the last 36 months of ownership are exempt. That accounts for £53,207 of the gain (£54,554 / 81 x 79).
The remaining gain is £1,347 is for two vacant months in 2007 (£54,554 / 81 x 2). This is covered by the annual CGT exemption so you won't have any Capital Gains Tax to pay.
Tony Tax, Tax Consultant
Category: UK Tax
Satisfied Customers: 16,712
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
VerifiedTony Tax and 87 other UK Tax Specialists are ready to help you
How JustAnswer works
Describe your issueThe assistant will guide you
Chat 1:1 with an uk tax professionalLicensed Experts are available 24/7
100% satisfaction guaranteeGet all the answers you need
Related UK Tax Questions
We inherited the lease of land which now has been bought and
We inherited the lease of land which now has been bought and we have been compensated to the sum of £600,000 among 3 parties. We wonder about the tax aspect of this and how we deal with it.… read more
Sam
Accountant
Higher Officer HMRC
7,004 satisfied customers
Sam Could you please just clarify the CG tax payable for
Sam Could you please just clarify the CG tax payable for a sale of a property. Owned jointly between two people. father and son. Purchase Price 114,009 Purchase Costs Deed 288 Solicitors 1,019 1,307 T… read more
Sam
Accountant
Higher Officer HMRC
7,004 satisfied customers
I transferred a rental property to my husband in October 2008.
I transferred a rental property to my husband in October 2008. He has now decided to sell it. Can he move into the property and register it as his main residence and therefore avoid CGT? If so, how lo… read more
Sam
Accountant
Higher Officer HMRC
7,004 satisfied customers
If I bought a house for 70k in July 2007 and sell it this year
If I bought a house for 70k in July 2007 and sell it this year for 100k approximately how much Capital Gains tax would be due? I need to fill in a financial form for my divorce settlement.… read more
Sam
Accountant
Higher Officer HMRC
7,004 satisfied customers
If we were to buy a property to renovate and sell through a
If we were to buy a property to renovate and sell through a commercial mortgage what are the tax implications for incom or capital gains if we were to make a profit Thanks A Sloane… read more
Sam
Accountant
Higher Officer HMRC
7,004 satisfied customers
What is the current rate of CGT I thought it was at the marginal
What is the current rate of CGT? I thought it was at the marginal rate (i.e. for me 40%) on all gains after the annual allowance, but an expert in a q has implied it is 18/28%. thx… read more
Sam
Accountant
Higher Officer HMRC
7,004 satisfied customers
I sold a property in Australia last July 2010 (bought to let
I sold a property in Australia last July 2010 (bought to let in 1993). I have already submitted tax info on it to Oz. I'm assuming it goes on my 2010/2011 UK return and that I offset the Oz tax alread… read more
Sam
Accountant
Higher Officer HMRC
7,004 satisfied customers
CAPITAL GAINS TAX UK - I bought 50% of a flat with my daughter
CAPITAL GAINS TAX UK - I bought 50% of a flat with my daughter in 1995 (£40K/£40K). My daughter lived in the flat. In 2001 my daughter sold her 1/2 share for £120K to her cousin who lived in the flat.… read more
Sam
Accountant
Higher Officer HMRC
7,004 satisfied customers
I owned a main residence but used to have to comute a long
I owned a main residence but used to have to comute a long distance. To reduce the difficulties of commuting I bought a flat near to my workplace in 2000 and used to stay there, on average, 3 nights a… read more
Sam
Accountant
Higher Officer HMRC
7,004 satisfied customers
I bought a flat for 44,000 on 19/08/92 and lived in it until
I bought a flat for £44,000 on 19/08/92 and lived in it until I rented it out 01/08/05 to 31/12/09. Over the period I stayed in the flat I put in a new, bathroom, kitchen, windows etc. which totaled £… read more
Sam
Accountant
Higher Officer HMRC
7,004 satisfied customers
Hi, I am trying to sell a property where I had not live in
Hi, I am trying to sell a property where I had not live in before. I came to live in the UK in July 1989 following my marriage to a UK citizen. Then in Sept 2002 I left the Uk to live in Spain. I retu… read more
Sam
Accountant
Higher Officer HMRC
7,004 satisfied customers
I have recently sold a French property which had been used
I have recently sold a French property which had been used for holiday lettings. Do I pay any French CTG on the gain and will I be able to claim Entrepreneurs relief in the UK… read more
Sam
Accountant
Higher Officer HMRC
7,004 satisfied customers
My wife owns a property worth 15o,ooo which our son has been
My wife owns a property worth £ 15o,ooo which our son has been staying in (rent free) for the last 6 years. Our son has move out and we will be putting the property up for sale.Will my wife have to pa… read more
Sam
Accountant
Higher Officer HMRC
7,004 satisfied customers
Hello, 9 years ago my mother signed her house over to my brother
Hello, 9 years ago my mother signed her house over to my brother and I. Recently she has moved into a carehome and we have sold her/our house. How do we go about paying capital gains tax and at what r… read more
Sam
Accountant
Higher Officer HMRC
7,004 satisfied customers
Purchased a property in 2000, lived in it till 2002, moved
Purchased a property in 2000, lived in it till 2002, moved abroad with work and rented property out till 2009. Moved back to UK in 2007 to different area. Just sold house for big profit - am I liable … read more
Sam
Accountant
Higher Officer HMRC
7,004 satisfied customers
If I sell a property overseas (in New Zealand) and leave the
If I sell a property overseas (in New Zealand) and leave the money in my bank account in that country can I avoid paying UK income tax on it? I am UK resident and UK tax payer. There is no capital gai… read more
Sam
Accountant
Higher Officer HMRC
7,004 satisfied customers
My father died 12 years ago and my mum died 30th March this
My father died 12 years ago and my mum died 30th March this year. In 1996 my parents transferred the family home over to myself and my two brothers. We are now in the process of selling the family hom… read more
Sam
Accountant
Higher Officer HMRC
7,004 satisfied customers
Can you please advise how I would go about selling a property
Can you please advise how I would go about selling a property in Cape Town and bringing the money back to England where I live now? It think the property is worth about £90,000. thanks… read more
Sam
Accountant
Higher Officer HMRC
7,004 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.
JustAnswer in the News:
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
What Customers are Saying:
I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...
Matteson, IL
I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.
Chesnee, SC
Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.
Minneapolis, MN
Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.
Hesperia, California
Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.
Freshfield, Liverpool, UK
This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!
Los Angeles, CA
Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.
Hesperia, CA
< Previous | Next >
Meet the Experts:
Sam
Accountant
7,004 satisfied customers
26 HMRC expertise, PAYE, Self Assessment ,Residency, Capital Gains, CIS ask for Sam Tax
bigduckontax
Accountant
1,480 satisfied customers
FCCA FCMA CGMA ACIS
TEAP007
Tax Preparer
759 satisfied customers
Fully Trained Inspector of Taxes / District Inspector/ Team Leader/ Offshore Consultant/ 41 years
Andrew Baker(baktax)
Personal Tax Adviser
756 satisfied customers
35+ years experience in income tax, CGT, non-residence
berduchwal
Accountant
669 satisfied customers
Qualified accountant and bookkeeper running my own practice since 2008.
Clare
Solicitor
149 satisfied customers
25 years exeperience as a high street solcitor
Mrs-Tax
Tax Adviser
59 satisfied customers
Law Degree, 19 years in UK Tax.
< Previous | Next >
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.
