Dave O
Joined: 11/2/2024
-
Query on CGT for non-residental property sale
My wife and I have lived in Australia since 2008 and will hopefully be selling our original residence in the UK shortly (that we owned and lived in from 2000 to 2008). I understand CGT is applicable on the gain from 5th April 2015 but have a couple of simple questions. 1. When I've used the HMRC calculator for CGT it doesn't ask about joint ownership so appears to calculate the CGT based on sole ownership. Is it acceptable to use 50% values across all the amounts to provide a per-person CGT amount? 2. I've seen references to Principle Private Residence Relief "for the final 9 months". To be honest I don't really understand what this phrasing means. It's about 115 months from 5th April 2015 to present - so does this mean we can deduct a fraction of the gain that aligns to the total months (i.e. 9/115 = 7.826%)? Or is there some other intepretation? Thanks! Dave