Charlotte purchased a house on 1st January 2005 for £150,000 and lived in it until 31st December 2010. She then worked abroad for 2 years before returning to the UK to live again in the house on 1st January 2013. Charlotte then lived in the house until 31st December 2016. On 1st January 2017 she embarked on a 12 month world tour before returning to the UK on 31st December 2017, when she retired and moved to a new house elsewhere in the UK, leaving the original house empty. She sold the first house for £246,000 on 31st December 2020. Calculate Charlotte’s chargeable gain on the house.

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Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.