Hi
Could anyone confirm whether building renovations are allowable for CGT calculation purposes in the year of the property being sold ?
Also am I right in saying that for CGT purposes the first year of renting the property is allowable for CGT purposes and that notwitstanding that, the mutiplier is calculable from the year of acquisition of the property?
If the property is to be sold in 2005 the calculation is the Acquistion Price multiplied by Multiplier for year of acquisition less allowance due for period when property was a PPR.This calculation is then subtracted from the sale price to give CGT payable? Is it as simple as that ?
Also are periods of vacant tenancy allowable as a set off against CGT?
Finally I assume that CGT is payable as this is a "capital" gain notwithstanding that fact that up to Income Tax returns have been made and no tax is payable due the fact that I have Section 23 alowance for another property ?
Any advice appreciated
Could anyone confirm whether building renovations are allowable for CGT calculation purposes in the year of the property being sold ?
Also am I right in saying that for CGT purposes the first year of renting the property is allowable for CGT purposes and that notwitstanding that, the mutiplier is calculable from the year of acquisition of the property?
If the property is to be sold in 2005 the calculation is the Acquistion Price multiplied by Multiplier for year of acquisition less allowance due for period when property was a PPR.This calculation is then subtracted from the sale price to give CGT payable? Is it as simple as that ?
Also are periods of vacant tenancy allowable as a set off against CGT?
Finally I assume that CGT is payable as this is a "capital" gain notwithstanding that fact that up to Income Tax returns have been made and no tax is payable due the fact that I have Section 23 alowance for another property ?
Any advice appreciated