Capital Gains Tax - HELP!

jowen32

I am about to sell my house which I have lived in for 28 years. After all costs have been deducted I will have £150,000 cash. My aim is to put my 3 adult sons into one house which will be in one of their names, he will get a small (£25,000) mortgage on this property.

With the remainder, I am going to buy myself a small flat.

My question is: will I be liable for Capital Gains Tax and if so is there a way of limiting this?

All offers of help gratefully received! Thanks MSE'ers!

CLAPTON

seems a little bizarre but there is no capital gains tax on one's principal private residence (i.e. the home you actually live in)

SeniorSam

jowen32 wrote: »

I am about to sell my house which I have lived in for 28 years. After all costs have been deducted I will have £150,000 cash. My aim is to put my 3 adult sons into one house which will be in one of their names, he will get a small (£25,000) mortgage on this property.

With the remainder, I am going to buy myself a small flat.

My question is: will I be liable for Capital Gains Tax and if so is there a way of limiting this?

All offers of help gratefully received! Thanks MSE'ers!

Clapton is correct, as usual, but just bear in mind that should you need to go into care at some future date, depriving yourself of assets in favour of your children, may put the cost of care on their shoulders, as the authorities may count your gift as such.
Sam

BargainHunters

No tax liability on the sale of your private residence. One of the few tax breaks we get!!

rodders65

yep, no CGT os due if it's your principal home, though inheritance tax might be a consideration, depending on your position.