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Capital Gains Tax
panaga
Posts: 2 Newbie
Does anyone know if I will have to pay capital gains tax?
In 2006 my wife and I bought a house and lived there until 2009. We moved abroad and let the house. I would now like to sell it and buy something bigger. It is my only house.
In 2006 my wife and I bought a house and lived there until 2009. We moved abroad and let the house. I would now like to sell it and buy something bigger. It is my only house.
0
Comments
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Has it increased in value? If so by how much?Thinking critically since 1996....0
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About £60,0000
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on the basis of the numbers given the tax due calcuulates to less than one person's annual allowance, so no.
tim0 -
actually the correct calculation means the gain is covered in full by the private residence relief (6/7 x 60k) plus the lettings relief (1/7 x 60k) before there is any need to even look at the personal allowable which is therefore totally untouchedtim123456789 wrote: »on the basis of the numbers given the tax due calculates to less than one person's annual allowance, so no.
tim
there is no taxc to pay but you must nonetheless inform HMRC because the size of the sale is above the notifiable threshold0
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