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capital gains tax liability
gibby4
Posts: 25 Forumite
help I havent a clue!!!!!!
On the sale of our house there will be a capital gains tax liability. How does ANY government department know. Is it only if we tell them? or it it up to the mortgage advisors or lawyers to report the cgt liability?
On the sale of our house there will be a capital gains tax liability. How does ANY government department know. Is it only if we tell them? or it it up to the mortgage advisors or lawyers to report the cgt liability?
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Comments
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If it is your main residence there is no CGT liabilityI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Assuming Gibby sistuation is that it was not main residence all the time, and exhausted other reliefs ( of which there are many) ... no lawyers / financial advisers don't automatically advise the IR of CGT mainly as we woul;d not know (... although suppose if you told them that you had a liability and were not going to declare it, then guess they would actually have an obligation to do so...)
Laqnd tranactions would be considered, matched up with stamp tax ( lwayers do report on these) and no doubt IR cross check.. but yes obligation is squarely with you to report figure yourself to IR ( or risk a fine)Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0
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