10:24 AM, 10th May 2022, About 2 weeks ago 28
My net income for the tax year ending April 2021 will be £20,000 and I expect it to be the same next tax year ending April 2022. However, I now have a vacant property and am considering selling it.
I have roughly worked out that after initial purchase costs, legal/agent fees, CGT allowance etc that my “net capital profit” after these deductions will be £54,000.
My understanding is that £54,000 is added to my net income of £20,000 and that means I will pay CGT at 28% (not 18%) is this correct?
Also what counts as capital expenditure for CGT purposes would it be a new kitchen, new boiler and rads and new bathroom not claimed for out of rental income for income tax purposes?
Also, as I use my son’s pc when he is home I have only been able to find CGT to be done online – there does not seem to be a paper form which I would prefer. Does anyone know how to get one?
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
|_fbp||First||Helps to understand how their visitors engage with our website|