How much profit can you make from a bedsit over a kebab shop in Leeds???
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Capital Gains on Property
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Originally posted by northernladuk View PostHow much profit can you make from a bedsit over a kebab shop in Leeds???
I think the amount due is probably very small but do the time plan and talk to Martin...merely at clientco for the entertainmentComment
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Originally posted by ContrataxLtd View PostSimonMac
Make a timeline from when you bought the property to when you sold/sell the property and if you lived in it this whole time (including periods of deemed occupation) it will be covered by your principle private residence relief and thus free from CGT.
At the moment you aren't living in the property so you could have some CGT to pay, only the last 18 months immediately prior to sale are deemed occupation (assuming you aren't living elsewhere for work commitments or will be moving back into the property at any point) so if you don't sell within 18 months of moving out then CGT could be payable.
If CGT could be payable you would then have to look at lettings relief to try and mitigate some or all of this too.
Am I right in thinking you do your accounts yourself so can't clarify with your accountant? Drop me a PM if you want to discuss in more detail.
Martin
Contratax Ltd
I have had the property since 2002, and all in all i think I was not living in the property for 17 months, so worse case it would be 17/168th I would pay CGT on, or roughly 10% of the gain which would be below the £11k allowance?
May take you up on the offer of advice closer to the time.Last edited by SimonMac; 8 September 2016, 11:28.Originally posted by Stevie Wonder BoyI can't see any way to do it can you please advise?
I want my account deleted and all of my information removed, I want to invoke my right to be forgotten.Comment
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Originally posted by northernladuk View PostHow much profit can you make from a bedsit over a kebab shop in Leeds???Originally posted by Stevie Wonder BoyI can't see any way to do it can you please advise?
I want my account deleted and all of my information removed, I want to invoke my right to be forgotten.Comment
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Originally posted by SimonMac View PostMartin, thank you very much!
I have had the property since 2002, and all in all i think I was not living in the property for 17 months, so worse case it would be 17/168th I would pay CGT on, or roughly 10% of the gain which would be below the £11k allowance?
May take you up on the offer of advice closer to the time.
Rented out July 2014 to December 2015 17 months
living in it again December 2015 to sold 9 months extending
As I know martin needs something like that.merely at clientco for the entertainmentComment
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Basically, as it was your primary residence for a number of years then it falls under normally selling your home.
Capital Gains is not payable on your primary residence.
Technically any gains you made when it was rented out you should have to pay some CGT, but frankly I'd not bother with any of it.
Just sell it and keep the money, if necessary giving the GF some, if it was joint. All this, how long you were there for is a waste of time.What happens in General, stays in General.You know what they say about assumptions!Comment
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Originally posted by SimonMac View PostDepending on the final sale price will be about £48k gain
Methinks you're making a mountain out of a molehill.What happens in General, stays in General.You know what they say about assumptions!Comment
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Originally posted by eek View PostSo owned and lived in December 2002 132 months
Rented out July 2014 to December 2015 17 months
living in it again December 2015 to sold 9 months extending
As I know martin needs something like that.
I'm sure SimonMac will get in touch nearer the time to confirm figures if needed.Comment
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Originally posted by MarillionFan View PostJeez. Based on the length of time you had it before, and that any proportional increase when you could argue that 'morally' it would be fall under CGT for a few months, is a waste of time as it's still under the CGT allowance.
Methinks you're making a mountain out of a molehill.merely at clientco for the entertainmentComment
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Originally posted by eek View PostBest to waste a few minutes asking the question rather than ignoring it...What happens in General, stays in General.You know what they say about assumptions!Comment
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