How to pay CGT to pay on residential property

[buckeejit]

Just about to complete on my parents house sale - they've both died in the last couple of years.
If my understanding is correct, part of the gain is calculated from us becoming tenants in common in 2017 & part from inheritance 15 months ago.

Looking at the online form I'm not sure it allows this level of detail. Will I be able to add both parts of the gain to one report or should I treat this effectively 2 separate gains & make 2 reports?

Many thanks

Calculate the two bits and then add it together. Do it as one report.

For example:

Sale proceeds
Less cost: (part at MV acquired in 2015, other part acquired from death)
Less: any capital expenditure

Chargeable gain

Less: CGT allowance (£3k if available)

Taxable gain at 18% / 28% depending on your other income

I remember your previous thread and would again urge you to seek professional help from an accountant or tax adviser. It wouldn't cost a huge amount and could potentially save you a lot if it prevents you miscalculating the tax due.

The higher rate of CGT on property sales dropped to 24% after the last budget.

Thank you for the replies.

@helleborus I'm sure the calcs are ok now, (I previously got muddled with IHT issues). I have asked a friend to check also & let me know if I should seek professional advice but it should be straightforward.

The amount payable to HMRC will be under £800 for each of us so really minimal on the grand scheme of things. I will have a copy of the calcs both ways & see if it allows me to combine them. Don't want to push it through online now as would have to put a historic date for completion & we're not completing until Monday but just want to be prepared 😁