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Capital Gains on Second Property

Paul_Varjak
Paul_Varjak Posts: 4,627 Forumite
Part of the Furniture 1,000 Posts Photogenic Combo Breaker
edited 7 April 2010 at 11:40PM in Cutting tax
Post deleted

Comments

  • JC4LAB
    JC4LAB Posts: 25 Forumite
    Capital gains rules allow you to earn £8200 profit before tax..if its a joint venture thats £8200 each plus there may be a time allowance too..The basic rule is that if you have 2 Houses you nonimate which one is your main home and this is always tax free..you pay tax on the other..The problem with not using a house yourself or using it to rent out is that it may not be be a capital gain but trading income and normal trading profit which has no £8200 allowance.fFor a detailed reply I advise the following website https://www.taxationweb.co.uk/forum
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