CGT Due ?

[coupleuk]

Hi

Im trying to complete our SA whilst in the US, so would appreciate any help....

My wife and I purchased our house in June 2002 for £142,500.

We lived in it and sold in December 2005 for £171,000

Do we have any CGT to pay ?

Which numbered parts of the tax return do we need to put what numbers please (if any) ?

Thank You !!

Paul

[diego]

If it was your principle private residence, then it is more than likely that you do no have any CGT to pay. It will be fully covered by relief.

[Chartered Tax Adviser]

No CGT to pay, but does it need to be declared ?

The tax return guide says of completing CGT pages:-

"Include all assets disposed of wherever in the world they are situated but exclude exempt assets such as cars, and also your home if the whole gain from its disposal is exempt. It will be exempt if it has been your only residence throughout the period you owned it (ignoring the last three years)and the area of its garden and grounds disposed of with it did not exceed half a hectare."

Sounds as though you don't need to worry about completing the CGT pages.




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[Tax Accountant]

Hi

Im trying to complete our SA whilst in the US, so would appreciate any help....

My wife and I purchased our house in June 2002 for £142,500.

We lived in it and sold in December 2005 for £171,000

Do we have any CGT to pay ?

Which numbered parts of the tax return do we need to put what numbers please (if any) ?

Thank You !!

Paul

All the gain is exempt as it was your only or main residence throughout your ownership. For this purpose, any period within the final 3 years not used as your residence is also considered as exempt.

However, you need to check whether you need to declare this in the USA.

Ramnik