Capital Gains

[Jonquil]

Hello All,
I'm putting this here because I've no idea where it ought to go. Pehaps is can be moved to a more appropriate slot by a mod.

I'll soon be putting my house, where I no longer live, up for sale. After the Angela thing, I've been looking at capital gains tax.

There's stuff on the YouGov website but the summary is very simple and the notes are pretty impenetrable.

There's stuff on HMRC too but it's largely incomplete.

I lived in the house for 192 months but left about 4 1/2 years ago and have been letting it out quite a lot since.

A rough calculation on the YouGov site put the figure at a terrifying £43,500. However, I know there are various
reliefs and exemptions but useable information about these seems very rare.

So, has anyone got some links to stuff I can use to make accurate calculations? I expect I'll probably have to
pay an accountant to help but what with agent's fees and comveyancing, I want to preserve as much capital as i can.

Thank you for looking.

[Sunday Drive]

Is the chargeable gain £43k? Or is the tax on the chargeable gain £43k?

It sounds like you have calculated the PPR relief for your occupation of the property.

Have you also discounted the last 9 months of ownership?

[Eric Mc]

Have a search here. A similar question was asked a week or so ago for which I provided a worked example.

[Googie]

https://www.pistonheads.com/gassing/topic.asp?h=0&...

[Jonquil]

that's excellent, thank you people.
As I said, the £43K figure came from the YouGov site's calulator. It was based on the difference between what I paid for the house in 2008 and what I hope to get for it on sale.
There was no indication of any choices re. reliefs/exemptions. The YouGov site recommended contacting HMRC
directly. I did this and found only six years' occupancy relief figures. So I've written to the HMRC in search of guidance as recommended.

Lastly, some figures using the links...

Owned the house for 168 months.
Lived in it for 142 months
gain on it, £93, 500

I just put this slot into an online calculator to get the private residence relief figure and
it said £0!

As someone who got grade 9 five times for O-level maths my brain is threatening to fuse.
I'll wait for the response from HMRC.

Edited by Jonquil on Thursday 11th April 20:04

[UpTheIron]

Is it this calculator you've used?

https://www.tax.service.gov.uk/calculate-your-capi...

[Jonquil]

Yes, looks familiar.

[Jonquil]

Another wee update. i've just found a chartiable concern called Tax Help for Older People. They offer help and advice to over 60s under a certain income so i've contacted them.