CGT in which financial year??

[itinerantotter]

I would imagine this question has been answered before, but I'm darned if I can find the thread .

I'm in a selling phase at the moment, which is a bit of a turn-around for me.

I would like to know if CGT is calculated from the date a contract is signed or from the settlement date.

Thanks!

 

[skater]

My understanding is that it is from contract date.

 

[DaleGG]

Hi

Skater is correct (of course) in that CGT is triggered on the date the contracdts are signed and not when settlement takes place

Dale

My understanding is that it is from contract date.

 

[itinerantotter]

Many thanks to both Skater and DaleGG.

 

[kierank]

Is it true that if you take an option on a property then, at a later date, sign the contract, CGT is still calculated from the contract date and not the option date?

If this is true, this means you can delay the date for calculating CGT - whether buying and/or selling - to suit your individual circumstances.

 

[DaleGG]

Hiya Kieran

It is true. However, the grant of an option also triggers CGT albeit a smaller amount and less of a tax problem.

Good idea though

Dale

Is it true that if you take an option on a property then, at a later date, sign the contract, CGT is still calculated from the contract date and not the option date?

If this is true, this means you can delay the date for calculating CGT - whether buying and/or selling - to suit your individual circumstances.