Anyone else have their house on the market?

warmhands.coldheart

motorguy wrote: »

Profit would look like £6,500 if we get £135,000 for it and theres a capital gains tax allowance per year to take into account.

Stick it in your Swiss bank account and no-one need know about it !! :rotfl:

qwert_yuiop

Too late. Should have had it there last week before the franc took off. What a windfall you'd have had.

Provided you've no other capital gains, you should be able to split the profit with your wife so both can avail of the allowance and Mr Osborne will have to do without.

Good luck.

warmhands.coldheart

qwert_yuiop wrote: »

Too late. Should have had it there last week before the franc took off. What a windfall you'd have had.

Provided you've no other capital gains, you should be able to split the profit with your wife so both can avail of the allowance and Mr Osborne will have to do without.

Good luck.

you been watching The Shawshank Redemption again??

qwert_yuiop

"Do you trust your wife?"

motorguy

qwert_yuiop wrote: »

Too late. Should have had it there last week before the franc took off. What a windfall you'd have had.

Provided you've no other capital gains, you should be able to split the profit with your wife so both can avail of the allowance and Mr Osborne will have to do without.

Good luck.

Aye in terms of "profit" theres very little, so as you say i'd imagine we're within the capital gains tax rules ok.

BUT, the good news for us is, we've just £100K of a mortgage so theres a decent lump sum coming our way - when it sells

avina

warmhands.coldheart wrote: »

Doesn't matter how long you lived in it, if you have not lived in it for the previous 3 years prior to selling it's seen as an investment and so Capitol Gains Tax is due on profits....

"not sure if any gains tax would be due"..... you should know better, they tax you for everything now-a-day......

From April 2014 Final period relief is 18 months not 3 years as was previously the case. Also for calculation of CGT it does matter how long the owner lived in the house since that would qualify for private residence relief.

qwert_yuiop

avina wrote: »

From April 2014 Final period relief is 18 months not 3 years as was previously the case. Also for calculation of CGT it does matter how long the owner lived in the house since that would qualify for private residence relief.

For capital gains purposes, the purchase price is considered to be the value on the day you began renting it - the day it became a business rather than your home.

warmhands.coldheart

qwert_yuiop wrote: »

For capital gains purposes, the purchase price is considered to be the value on the day you began renting it - the day it became a business rather than your home.

You sure about that???? how would they know this value??

motorguy

warmhands.coldheart wrote: »

You sure about that???? how would they know this value??

+1

The link i used seems to show based on original purchase price.

http://www.theguardian.com/money/2014/feb/12/how-calculate-capital-gains-tax-sell-home

Either way, not expecting to have to pay any, but will discuss with accountant / solicitor at the time.

qwert_yuiop

That's what they told me when I sold mine. It makes sense - the time it was your "only or primary residence " is surely not relevant to its period as a business, if the capital gain is only relevant over the income producing time.

Although that guardian link looks totally different.