Tax questions.

Inma

I have a few quetions about my money in the bank and this was the first place i thought of to ask advice.
After selling a property do you have to pay taxes on the profit? If yes when and how much?
If you have to pay taxes would investing the money anywhere else free you from paying taxes? If yes where would be best to invest the money?
I know these are a lot of questions but I cannot seem to get off the starting block on the first question. I would be very thankful for any help or advice that you can give me.
Yours sincerely
Inma

Alan_M_2

If it was the only property you owned and was your principal place of residence there are no taxes to pay.

If the property is anything other than you sole residence you'll need to provide details for a more accurate answer.

Inma

I will be looking at other sites for ideas but do you have any ideas where I can invest my money to get the highest possible interest rate or a good investment where my money can work for me for a year until a rainy day?

Mikeyorks

Invest or save ... short / long term ... how much??

Plenty of data on this site - but you should look at some of it first? Try the Savings & Investments link just to the left of this page. Plenty of articles within. Then post more specific data (but do it on the Savings / Investments thread - as you'll get better advice [hopefully] from the odd creatures that live there;) )

EDIT - sorry missed the 'for a year' bit .. first time around. But amount involved / level of risk / return you want would be useful