The intention is to sell a recently purchased property at a profit and also sell some shares at a loss…..trying to calculate the CGT due…
Property purchase costs……
Property 110,000
Solicitor/Stamp duty 3,000
Total 113,000
Selling property…..
Value 153,000
Solicitor 1,000
Estate Agent 1,500
Balance 150,000
Profit liable for CGT 150,000-113,000 = 37,000
At 33% = 12,210
minus 1,270 limit before you pay any CGT= 12,210-1,270 = 10,940
offset against selling shares…..
7,000 shares purchased 7 years ago at 2.92 per share and currently worth 1.45 per share.
7,000 shares at 1.45 will give me now 10,150.
I originally paid 7,000 x 2.92 = 20,440
I will be making a loss of 20,440-10,150 = 10,290
CGT due will be 10,940 – 10,290 = 650 x 33% = 215 ???
Can the commission on sale taken from the stock broker be offset?
Can any renovation to the property before sale be offset.
Anything else I am missing?...thanks
Property purchase costs……
Property 110,000
Solicitor/Stamp duty 3,000
Total 113,000
Selling property…..
Value 153,000
Solicitor 1,000
Estate Agent 1,500
Balance 150,000
Profit liable for CGT 150,000-113,000 = 37,000
At 33% = 12,210
minus 1,270 limit before you pay any CGT= 12,210-1,270 = 10,940
offset against selling shares…..
7,000 shares purchased 7 years ago at 2.92 per share and currently worth 1.45 per share.
7,000 shares at 1.45 will give me now 10,150.
I originally paid 7,000 x 2.92 = 20,440
I will be making a loss of 20,440-10,150 = 10,290
CGT due will be 10,940 – 10,290 = 650 x 33% = 215 ???
Can the commission on sale taken from the stock broker be offset?
Can any renovation to the property before sale be offset.
Anything else I am missing?...thanks