Pdig

Thank you for your very informative response! Kind regards

Thankyou very much for your reply. Is it possible to get a response in relation to ny other query, see below pasted, i.e. the CG loss I made in 2023, and how/if - this can be used against the above referenced gain of £150k? "My other query (as I cannot find any information in relation to this), is how do I use/calculate the CGT loss from the foreign property, of £50k, against the CGT gain? Do I deduct it at source from the £150k profit, reducing the gain to £100k and then calculate the 38% relief against this amount, i.e. from £100k?" Many thanks

against a CGT gain if I sell my sole remaining property, which is based in the UK. I lived in it as my primary residence for 10 years, i.e. 120 months, plus 9 mths = 129 mths. It was let out for the remainder of the time. I have owned the property for 28 years, 336 months, so using an equation I obtained through google search that equates to 38% relief on a potential profit of 150k. I am a basic tax payer so does this mean I only pay 18% on all the profit, or is it only up to 50k and then reverts to 28%? My other query (as I cannot find any information in relation to this), is how do I use/calculate the CGT loss from the foreign property, of £50k, against the CGT gain? Do I deduct it at source from the £150k profit, reducing the gain to £100k and then calculate the 38% relief against this amount, i.e. from £100k? I have read that a residential property loss can be offset against any CGT gain for 4 years and obviously, if I had made a CGT gain that would have been liable for tax, being a UK tax payer. Thank you for your assistance