I have a client who is about to make a chargeable gain on a residential property (the first one since the 30-day rule came in). Given that we're only a month into a new tax year, and the client has no idea what their income will be for the rest of the year, how am I supposed to calculate the effective CGT rate to apply, and accurately calculate the CGT they need to pay?
Thank you.
Replies (4)
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You don't. You use a guesstimate and then it's all re calculated on the tax return later.
Cgt reporting and the tax payable are just estimates.