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Will I incur capital gains tax?
Archi_Rag
Posts: 7 Forumite
Hi, I just had a quick question about whether im eligable for capital gains tax.
I bought my house for 88k last october and had to refurbish to live in. Since rennovating my girlfriend and I decided to move in together as she owns her house too, so I put my house on the market. We've been living in my house for about 2 months now whilst shes getting a new kitchen and building work done. I've accepted an offer on my property for 140k, I had only spent 22k on the rennovation. This is my only home and I've been paying council tax since I moved in.
Having owned the property for so little time, am I eligable to pay capital gains tax?
thanks in advance
I bought my house for 88k last october and had to refurbish to live in. Since rennovating my girlfriend and I decided to move in together as she owns her house too, so I put my house on the market. We've been living in my house for about 2 months now whilst shes getting a new kitchen and building work done. I've accepted an offer on my property for 140k, I had only spent 22k on the rennovation. This is my only home and I've been paying council tax since I moved in.
Having owned the property for so little time, am I eligable to pay capital gains tax?
thanks in advance
0
Comments
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It's your only/main residence. No CGT.0
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Thanks for the quick repsonse much appreciated... Just out of interest though, is there anything to stop people from flipping properties stating that its their only residence?0
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Thanks for the quick repsonse much appreciated... Just out of interest though, is there anything to stop people from flipping properties stating that its their only residence?
No, but being done for fraud later (fines, repay tax, penalties, local embarrassing publicity) may not be pleasant if the declaration was not entirely correct..
We don't want tax cheats in our country - do we??0
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