Beverly Ng
Joined: 8/27/2023
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Very very confused ~ calcuation on the capital gain of my property :.(
I was very confused and unsure, and I would be very grateful if you can advise is below calculation correct or not, thanks! My property bought in September 2009 at GBP300000. Sold in April 2023 at GBP600000. Sold and bought price difference = GBP300000 This was my main property from July/2010 to Dec/2021, number of months living in this property + 9 months ownership = 147 + 9 = 156, total number of months owning the property = 163, so the private resident relief = 156/163 = 95.71% My husband and I were joint owners, we had 50% ownership individually. Capital gain for each of us (after deducting private resident relief) = 300000/2 x (100-95.71)% = GBP6435/person Taxable capital gain for each of us (after deducting the capital gain allowance GBP6000 in 2023/24) = 6435 - 6000 = GBP435/person Is the above calculation correct please? Thank you!