Just a tip: often the solicitors involved in the sale prepare the CGT return, and can charge enormous fees, sometimes based on a percentage of the selling price. It would be worth asking an accountant to quote a fee.
often....sometimes...can. So we are to surmise that those pesky solicitors can charge an ''enormous'' fee for doing a CGT return? And your evidence for this is?
I could name specifics, but the "pesky solicitors" would probably have me up in court. I've seen it, several times, scandalous fees.
Principle Private Residence relief also applies to a dwelling which was the sole residence, rent-free, of a dependant relative. Obviously this doesn't cover all the period of ownership, but most of it, so there will be a considerable relief.
CGT was only brought in in 1974, so the starting cost will be the value as at 05.04.1974. Indexation applies up to Dec 2003, and any sums laid out on capital improvements will also be allowable as an indexed expense.
Just a tip: often the solicitors involved in the sale prepare the CGT return, and can charge enormous fees, sometimes based on a percentage of the selling price. It would be worth asking an accountant to quote a fee.
48K - 15K = 33K * 30% = 9900. There is a tax credit of 1270 per person,so the tax payable is 8630.
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