Very simple CGT question

[tax_unwise]

Hi AAM members.

I'm a newbie posting but have been silently using your very wise suggestions for a long time. Now I have a simple query and I have searched but my specfic question doesn't seem to be clearly answered. So if you can help .. I would appreciate it.

Husband and I bought an investment property 2 years ago for 250k
Have just sold for 300k

Paid investment stamp duty around 9k
Legal fees of around 1.5k for purchase and resale

To calculate CGT liability am I right in saying I can deduct all of the above expenses plus 1270 each for my husband and I?

So my liability would be around 7k?

Am I missing anything?

thanks a mil and keep up the good work.

tax_unwise

 

[Ham Slicer]

Net Proceeds of Sale = 300K - 1.5K = 298.5K
Total Cost of Prop = 250K + 9K + 1.5K = 260.5K
Gain = 38K
Less Personal Allowance (Assumed in joint names) = 2540
So Taxable = 38K - 2540 = 35,460
Tax @ 20% = 7092.

Get an accountant to make your Return, to make sure it's right. It'll only cost you a few hundred.

 

[ClubMan]

Also - any use?

Ishmael's Capital Gains Tax calculator

 

[tax_unwise]

Sorry it took me so long to acknowledge, thanks to both for your help.