Where to put my money after selling the house?

lauren1983

Hi,

i have just sold my house and as we havnt found another yet we are moving back to the parents until we find one.

We are just undecided on where to put our money we have around 25k and have filled both our isas for this year.

Any one have any recommendations??

any advice would be great thanks

Lauren

GjrBartlett

Good Evening,

I'll be in a similar situation to you in a few months time, when I sell my flat.

Value - 75k
Outstanding Mortgage - 39k

So hopefull profit after Estate Agents fees - Approx 33k.

Question, did you have to pay any tax on this profit?

Regards

GjrBartlett

Redbedhead

GjrBartlett wrote: »

Good Evening,

I'll be in a similar situation to you in a few months time, when I sell my flat.

Value - 75k
Outstanding Mortgage - 39k

So hopefull profit after Estate Agents fees - Approx 33k.

Question, did you have to pay any tax on this profit?

Regards

GjrBartlett

Not if the house/flat you are selling is your principal private residence.

Ian_W

lauren,
Assuming you need access to the money and can't tie it up for a period in case a house comes up you want to buy then the best paying instant access accounts are probably, off the top of my head, ICESAVE at 5.7%, ICIC at 5.65% or with a slight catch that you can easily work around A&L Direct Saver at 5.8%.
To be sure I'm still up to date - check out the best buys on the savings section of the site.

lauren1983

Nope no tax to pay as it was my only residence.

Thanks Ian W i will take a look into those
:beer:

meanmachine_2

GjrBartlett wrote: »

Good Evening,

I'll be in a similar situation to you in a few months time, when I sell my flat.

Value - 75k
Outstanding Mortgage - 39k

So hopefull profit after Estate Agents fees - Approx 33k.

Question, did you have to pay any tax on this profit?

Regards

GjrBartlett

No, because it's not profit. Your next house will have risen by the same amount or more.

Primary residences aren't subject to CGT (not yet anyway...)

GjrBartlett

Thanks for the reply....

Is what you say true, bearing in mind that I purchased the flat in Feb 2002, it stood virtually empty untill July 2005 (during this time it was used as a weekend bolthole, when I could get home from work). From July 2005 it has been rented out until July 2007, when I plan to sell it.

During this time I have lived elsewhere, due to being in the Armed Forces, either in military accomodation or renting privately "off base".

All advice greatly appreciated.

johnydeath

GjrBartlett wrote: »

During this time I have lived elsewhere, due to being in the Armed Forces, either in military accomodation or renting privately "off base".

All advice greatly appreciated.

Any time spent renting your MQ will count as though you are still living in your primary residence (ie your house, even though your house is rented out). The MQ is classed as 'Job Related Accomodation' and any military hiring would be the same. Renting privately would not carry this get out clause and would count against your 3 years before being liable for Capital Gains.