CGT- liability

[dmmm]

Pete

could you help me with my question as iv starting to loose sleep over the tax bill iv worked out unless as i hope you show me iv got something wrong

Bought house in Oct 1997 for 90k with wife & lived in until July 2001

We let it out & july 08 we will be selling - approx 310k

What would the CGT be for us

Many Thanks

[TaxationPete]

Zero Yes the is no CGT liabilty here are the figure :

Capital Gains Summary

Purchase Price £90,000 14/10/1997
Indexation 0.019 £91,710
Legal Fees £0
Sale Price £310,000 14/07/2008
Enhancements £0
Legal Fees £0
Gross Gain £218,290
PPR Relief £136,431 £81,859
Letting Relief £80,000 £1,859
Taper Relief 40% £1,115
CG Allow'ce 2 £9,200 -£17,285
CG Bill £0

This assumes you have reported your rental income profit to HMRC so Letting Relief will be granted. '-' numbers indicate unused allowances.

Regards

Peter

[dmmm]

Peter your a top man you really are

i had it down as CGT bill on 40k ,ill be sleeping well tonight

Thanks a mil