10:24 AM, 10th May 2022, About 3 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?
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