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Capital Gains Tax?
tina_martin_2
Posts: 5 Forumite
in Cutting tax
if i sell my house...and move into rented accomodation...then put the money from the sale of the house into a high interest bank account...will i have to pay any tax???
income or capital gains etc??
income or capital gains etc??
0
Comments
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if you sell your house that you are currently living in as your prinicple residence then there is no tax on the sale.
obviously if you then save the money in an interest paying account you will pay the usual income tax tax on savings.0 -
Hi, could I just ask,what factors determine who is living in a property?(as far as the tax man is concerned)
Would it be who pays the council tax or the utility bills?
Thanks0 -
Would it be who pays the council tax or the utility bills?
No. Otherwise everyone with a holiday home would avoid CGT.
In simple terms your PR is where you spend the majority of your time in residence.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
If TAX man is suspicious he will check where you are registered on the voters role"A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
Ride hard or stay home :iloveyou:0
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