Forum Home Search Login Register
+  Landlord Forum
|-+  General Category
| |-+  Finance
| | |-+  Capital gains on selling House pre/post April 2020

Capital gains on selling House pre/post April 2020

Pages: [1]
Author Topic: Capital gains on selling House pre/post April 2020  (Read 2149 times)
Posts: 3

I like property

« on: November 13, 2019, 09:11:47 PM »


I have a house which is currently rented and I am considering selling it.I just did some calculations and it seems the changes to the lettings relief will sting me but I want to make sure I have got my calculations correct. Details are:

I brought the house  for 33.360 on the 25th may 2001 left the house November 2014 and rented it from December 2014 till present day   I could sell for 190.000

But i spent 13000 on home improvements
And sales fees of 1800
So a Taxable profit of 141.840
I have lived in the house for 161 months plus with current tax laws im allowed 18 months on top of that so its 179 out of the 222 months i have owned the house .
 If my calculations are right i should be entitled to 80.630 % of PPR so 114.365
So now i am left with 27475
I think so far i am correct
Now the next bit im not sure on is it 40.000 Letting relief or a percentage of the 27475 i have left to take into account
If it is 40000 then the bill is zero
So if anyone can throw some light on the Letting relief i would be grateful
Also the tax change states that you have to sell the house by April 6th 2020. So for example if i agreed to sell lets say start of December but there was a hold up on paper work by solicitors and it went past the April 6th deadline , would i be liable to the new tax laws or would i be ok as the process was started in December
Pages: [1]