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Breakdown of Property Capital Gains Tax Calculation | ||||||
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| Owner Name : | Peter |
| Owner Percent Ownership : | 100% |
| Purchase Date : | 06/09/1987 |
| Purchase/Estimate Price : | £30,000.00 |
| Your share of Profit : | £275,700.00 | |
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| Address : | 10 Silver Down Close | |
|
| Property Sold for : | £320,000.00 | |
|
| Description | Cost |
| Estate Agency Fees | £1,000.00 |
| Description | Cost |
| Solicitors fees | £1,000.00 |
| Total Selling Costs : | £2,000.00 |
| Sub Total : | £318,000.00 | |
|
| Description | Cost |
| Property Purchase Price | £30,000.00 |
| Solicitors fees | £1,000.00 |
| Surveyor costs | £300.00 |
| Conservatory | £6,000.00 |
| Bathroom Extension | £5,000.00 |
| Total Purchase Costs : | £42,300.00 |
| Sub Total : | £275,700.00 | |
|
| Description | Pre Ixf Cost | IxF | Relief |
| Property Purchase Cost | £31,300.00 | 0.588 | £18,404.40 |
| Conservatory | £6,000.00 | 0.156 | £936.00 |
| Bathroom Extension | £5,000.00 | 0.162 | £810.00 |
| Total Selling Costs : | £20,150.40 |
| Sub Total : | £255,549.60 | |
|
| Thirty Six Month ( usable days - 1096 ) Rule Relief : | £47,877.33 |
| Private (2586 days ) Residence Relief : | £112,966.03 |
| Total Private Residence Relief : | £160,843.36 |
| Sub Total : | £94,706.24 | |
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| Calculation of gain arising from letting period : |
| Let Period : | 2169 days | (takes into account any let days converted to residential days) |
| Ownership Period : | 5850 days |
| Gain Calculation : | 2169 x (£255,549.60 / 5850) |
| Description | Lowest |
| Gain arising from letting period : | £94,749.93 |
| Forty Thousand pounds Rule : | £40,000 |
| Private Residence Relief: | £160,843.36 |
| Selected Private Letting Relief : | £40,000.00 |
| Sub Total : | £54,706.24 | |
|
| Losses offset against Capital Gains : | £0.00 |
| Sub Total : | £54,706.24 | |
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| Description | Years | % | Relief |
| Non business taper relief | 6 | 20% | £10,941.25 |
| Sub Total : | £43,765.00 | |
|
| Personal CGT Allowance for 2003-04 : | £7,900.00 |
| Amount of CGT Allowance available : | £7,900.00 |
| Sub Total : | £35,865.00 | |
|
| Salary or Income from other sources : : | £0.00 |
|
| Band | Percent | Taxable | Payment |
| £0.00 - £1,960.00 | 10% | £1,960.00 | £196.00 |
| £1,960.00 - £30,500.00 | 20% | £28,540.00 | £5,708.00 |
| Over £30,500.00 | 40% | £5,365.00 | £2,146.00 |
| Total Tax Payment | £8,050.00 |
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| Your capital gains tax payment is : | £8,050.00 | |