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Capital Gains Tax

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hi all, glad to have found this site, looks really useful, i have a CGT query, i bought my house in the u,k for 220,000 in 2000, i am thinking of selling for maybe 300,000, i lived in the house for the first 2 years then i rented it, i bought a house with a partner for 2 years and lived with her but it didn't work out and we split and sold, for the last 5 years i have lived in thailand, what CGT liability do i have? any replies would be most welcome, the house is still rented out now and i pay tax on it etc each year but think it might be better to sell but don't want to lose too much to capital gains, cheers

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hi all, glad to have found this site, looks really useful, i have a CGT query, i bought my house in the u,k for 220,000 in 2000, i am thinking of selling for maybe 300,000, i lived in the house for the first 2 years then i rented it, i bought a house with a partner for 2 years and lived with her but it didn't work out and we split and sold, for the last 5 years i have lived in thailand, what CGT liability do i have? any replies would be most welcome, the house is still rented out now and i pay tax on it etc each year but think it might be better to sell but don't want to lose too much to capital gains, cheers

I think you should stop playing the cheap option and go to a tax accountant for advice. CGT is very complex and your situation is complex. Good luck with getting 300K for your house.

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hi all, glad to have found this site, looks really useful, i have a CGT query, i bought my house in the u,k for 220,000 in 2000, i am thinking of selling for maybe 300,000, i lived in the house for the first 2 years then i rented it, i bought a house with a partner for 2 years and lived with her but it didn't work out and we split and sold, for the last 5 years i have lived in thailand, what CGT liability do i have? any replies would be most welcome, the house is still rented out now and i pay tax on it etc each year but think it might be better to sell but don't want to lose too much to capital gains, cheers

aT A GUESS. Owned it 10 years. Lived in it 2. Therefore 8 tenths, or 8 years is liable. Gain of 80k. 64k is liable. Less cgt allowance og 10k ish. tax is liable on appx 54k. then it depends on your income as to the rate. If you move in before you sell you can claim a furthur 3 years as exempt, thus reducing your liable amount to 40k, less allowance. 30k at 28% about 5.5k.tax. Just a very rough estimate and assuming no other complications. Not that i am an advisor.

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aT A GUESS. Owned it 10 years. Lived in it 2. Therefore 8 tenths, or 8 years is liable. Gain of 80k. 64k is liable. Less cgt allowance og 10k ish. tax is liable on appx 54k. then it depends on your income as to the rate. If you move in before you sell you can claim a furthur 3 years as exempt, thus reducing your liable amount to 40k, less allowance. 30k at 28% about 5.5k.tax. Just a very rough estimate and assuming no other complications. Not that i am an advisor.

1) He has already satisfied the "living in it as his PPR" criteria so can claim the "final three years" exemption with no further action.

2) As he lived in it as his PPR *before* renting it, he can also claim lettings relief of, up to 40K.

So if he was in the UK there would probably be nothing to pay.

But he isn't, he's living abroad so that rule takes precedence. As long as he has been a away 5 full tax years, (not just any five year period) all gains realised during that period are UK CGT exempt.

im

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  • 259 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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