A CGT question, some guidance please

[Skyedriver]

Hi and thanks for any assistance on a property sale

Property bought in early 2004, lived in until late 2009 (about 6 years) when we moved away for work reasons, property became "second home".

Property bought for around £165k, spent around £25k on an extension plus another £20k on bathroom/kitchen etc. So total cost around £210k
(Have some receipts somewhere for the extension)

Expected value now around £250k although we would like more due to location etc.

So its not been our main residence now for around 4.5 years but probably hasn't increased in value since we left it as house prices in that area have stagnated.

Are we likely to get stung for CGT and how do the find out about it and how do they "bill" you?

Thanks for any guidance you can give.

T

[Skyedriver]

Apologies for not getting back earlier on this request -

-yes its jointly owned
-it was last the main residence in Aug 2009
-does the cost of the extension we built counter any of the value increase?
-is the £11k allowance per annum? If so I would have though we were well inside of that.

-it was valued (but I don't think in writing, need to check) by the local estate agent in 2009 or 2010 at "offers over £225K". I would say it hasn't increased much on that; we thought it was undervalued then and would be looking for £250k.

No other significant capital gains, just a few losses in shares.

thanks


edited to fix a typo

Edited by Skyedriver on Wednesday 25th February 13:00

[Skyedriver]

Just a thought,
If we moved back up there and started living in it again would that have any effect on CGT?

[Skyedriver]

THanks
Did there used to be something called tapering, where you could lose some of the gains over previous years.

[Skyedriver]

Eric Mc said:

Yes - Taper Relief

Abolished in 2008.

Must have seen us coming....we left there in 2009.