Profit from sale of home, do I pay income tax on it?

twinklefish

Have just sold my flat and bought a house, moved in last week. :j I've kept a sum of money from the sale of my flat to pay off a loan and to do things to the house. As the flat was my one and only property and I lived in it the entire time I owned it I understand I am not liable for GCT so I suppose my questions are -

Are there any tax implications from this cash sum that I should be aware of?

Should I do a tax return for this financial year? (dont normally do one)

I've tried googling and searching this site for help but I just end up more confused.....could be a Monday thing though!

Tx

derrick

If as you say it was your main residence, then you are not liable for any form of tax.

moonrakerz

derrick wrote: »

If as you say it was your main residence, then you are not liable for any form of tax.

Apart from Stamp Duty Land Tax, Value Added Tax and Inheritance Tax if you die !
(and probably others )

:D

derrick

moonrakerz wrote: »

Apart from Stamp Duty Land Tax, Value Added Tax and Inheritance Tax if you die !
(and probably others )

:D

Ah, but the OP is talking about the living

IF you die Only two things certain in life, dying and taxes.

Personally I don' t give a stuff what happens when I am dead.

fengirl_2

Just to reassure twinklefish - you don't pay Stamp Duty when you sell land or property, nor VAT. And your executors pay IHT, not you, when you die.

twinklefish

Last time I checked I was still amongst the living!

From googling it didn't look like I was liable for any tax but that just seemed too good to be true! Thanks for the confirmation!

I'm off to fill up my ISA and open some new savings accounts! :j

Tx

moonrakerz

fengirl wrote: »

Just to reassure twinklefish - you don't pay .............. VAT. .

You do if you use an Estate Agent, Solicitor, Removal company ..............etc, etc