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rishabbohra98
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Trudy sold a house in November 2017. she never lived in the house. Her chargeable gain on the sale was 25,300. He has taxable income of 21,420 in tax year 17/18. House doesn’t qualify for ER. What is the CGT liability assuming she has no other disposals.
Doubt – Sir for this question we have to use the tax rates of 10% and 20% right? But in the answer they have used tax rates for residential property. It hasn’t been specified if its residential property or not. So it is to be assumed that its other assets right?
Tax Tutor
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A house IS residential property therefore the higher rates must be used
rishabbohra98
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