Selling House ....tax implications
06 February 2006, 01:56 PM
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Selling House ....tax implications
I'm moving in with girlfriend looking to sell my house which I will make a profit, are there any tax implications????
06 February 2006, 02:02 PM
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As long as it is and was your primary residence then no tax issues or implications. If you have more than 1 home then you need to clarify with a solicitor/accountant what is the best course of action.
06 February 2006, 02:45 PM
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errrrrrrr, Capital gains tax anyone????
I might be wrong (I'm sure you'll all let me know if I am) but I thought that you get taxed if you sell your house for more than it was worth? Or is that just over a certain limit?
I might be wrong (I'm sure you'll all let me know if I am) but I thought that you get taxed if you sell your house for more than it was worth? Or is that just over a certain limit?
06 February 2006, 02:49 PM
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Provided it is your primary residence, there are no tax implications. If you die however there will be tax implications (CTT - capital transfer tax), if the value of the property is over the current CTT allowance.
06 February 2006, 02:50 PM
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Originally Posted by stilover
errrrrrrr, Capital gains tax anyone????
I might be wrong (I'm sure you'll all let me know if I am) but I thought that you get taxed if you sell your house for more than it was worth? Or is that just over a certain limit?
I might be wrong (I'm sure you'll all let me know if I am) but I thought that you get taxed if you sell your house for more than it was worth? Or is that just over a certain limit?
Anyway - don't sell, rent so you have a fall back position for when it goes **** up in a few months.
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06 February 2006, 03:21 PM
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Originally Posted by stilover
errrrrrrr, Capital gains tax anyone????
I might be wrong (I'm sure you'll all let me know if I am) but I thought that you get taxed if you sell your house for more than it was worth? Or is that just over a certain limit?
I might be wrong (I'm sure you'll all let me know if I am) but I thought that you get taxed if you sell your house for more than it was worth? Or is that just over a certain limit?
Sale of primary residence is free of CGT. CGT only applies to non primary residence and is applied on the increase in value minus indexation increase for inflation and annual allowances. Hence my question about it being primary residence. CGT is ALSO only payable on the gain(minus allowance and indexation) not the whole value of the transaction.
14 February 2006, 12:07 AM
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Originally Posted by borgie
i would get the house valued now if you decide to keep it. Then if you sell later you should not have to pay tax on this amount if this was your residence.
Borgie
Borgie
FWIW I would keep and rent out......
14 February 2006, 06:37 AM
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Originally Posted by OllyK
Anyway - don't sell, rent so you have a fall back position for when it goes **** up in a few months.
14 February 2006, 08:50 AM
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I've just been looking into this - you can sell your house without CGT in the first three years after moving out, after that you're subject to some form of CGT. I asked the inland revenue to send me some info... but I'm still waiting! 
Still, that's what they told me on the phone, if you're worried give your local office a call or check out their internet site. 
Still, that's what they told me on the phone, if you're worried give your local office a call or check out their internet site.
14 February 2006, 09:06 AM
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You should add you can own (and then sell) as many houses as you like that are not your primary residence without any tax implications - if they are abroad!
14 February 2006, 10:38 AM
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Originally Posted by CharlesW
Provided it is your primary residence, there are no tax implications. If you die however there will be tax implications (CTT - capital transfer tax), if the value of the property is over the current CTT allowance.
i assume you mean if you died 20 years ago as CTT was replaced in 1986.
14 February 2006, 12:24 PM
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Originally Posted by D1CCY
Beware of Gordon Brown changing the rules. I'm sure he has taxing "primary residence" gains on his list of potential stealth taxes.
not a hope in hell........it may be spoken about and picked up by the press but it wont happen.
14 February 2006, 12:42 PM
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Originally Posted by CharlesW
Provided it is your primary residence, there are no tax implications. If you die however there will be tax implications
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