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Anybody know anything about capital gains tax? |
I sold my house last year. I had used it for B&B for 10 years. I was told to sell the house "with B&B potential" and not as a going concern to minimise CGT and now, my accountant has said that I will have to pay 拢904.20 by 31st January 2007. I closed the business a month before moving, so only sold it as a private dwelling. Is my accountant correct. UK only please. I should point out that the house I sold was also my only personal residence and the only house I owned. I don't think it matters that you sold it as private house - I think the CGT relates to the period that it was a B&B - I'm not an expert - try looking here: CAPITAL GAINS TAX (CGT) yep you have to pay it The only thing I know about Capital Gains, Is that the Government sit in the Capital, and They claim all the Tax Money. Ask HMRC to confirm what your accountant has said. You need to let them know that you are seeking Principal Private Residence Relief from CGT on an asset that you partly used as a business asset. Ask them what the rules are and whether they have all the facts. Taxman is often quite helpful and cheaper than your accountant. The trick is not to speak to anyone below Executive Officer - the clerks dont know the rules but if you are nice to them they may put your case in front of someone who does. As I do not know the full figures involved I can't comment if the tax is correct but 904 doesnt sound too bad. you are liable to CGT sorry. |
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