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Capital Gains tax Question on Sold Property
IrishGypsy
Posts: 353 Forumite
in Cutting tax
In the next hour or two our house sale *had better* complete and my wife who's a higher tax payer is due to recieve back just under £40k of her original £50k deposit.
Because the return was less than the original deposit (made 4 years ago), is she liable for any CGT?
Thanks to everyone in advance for their help.
Because the return was less than the original deposit (made 4 years ago), is she liable for any CGT?
Thanks to everyone in advance for their help.
0
Comments
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The basic capital gains tax calculation is selling price minus acquisition cost and allowable expenses.
However was this her main residence? If so there are no CG implications on selling your own home0
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