Capital gains taxed considered??

Jameseeharve

Hi

When applying for a mortgage will any companies consider capital gains tax as part of the income??
I complete self assessments and wondered if this would increase my borrowing? Or if it's purely the net income tax they use?

Does anybody have any experience of this?

Thanks

makeitstop

Jameseeharve wrote: »

Hi

When applying for a mortgage will any companies consider capital gains tax as part of the income??
I complete self assessments and wondered if this would increase my borrowing? Or if it's purely the net income tax they use?

Does anybody have any experience of this?

Thanks

Don't you mean the amount you keep "after" paying any CGT.?

A tax is not an income, it's money going out.

Jameseeharve

Yes sorry it's the amount I have kept after paying the CGT.
Would this amount be considered as an income within my tax year, that in turn I could use as an income for help when applying for a mortgage.
Thanks

HappyMJ

A capital gain is not considered an income.

It's also usually a one off. Are you going to get this capital gain every year? Is it guaranteed?

Mortgages require a regular income such as wages/salary/profits/dividends etc. A capital gain wouldn't be regular enough.

makeitstop

Jameseeharve wrote: »

Yes sorry it's the amount I have kept after paying the CGT.
Would this amount be considered as an income within my tax year, that in turn I could use as an income for help when applying for a mortgage.
Thanks

What HappyMJ says above.

Jameseeharve

Thanks to both foth for swift reply