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Downsizing and Capital Gains Tax
stevebass56
Posts: 7 Forumite
Hi folks
I hope this is the right place for this subject. If not, please let me know and I'll move it.
My wife and I are moving house in the next couple of weeks. We are downsizing and will have a surplus of around £80k. This money will be used for updating and extending the new property, hopefully within a year.
What I need to know is are we liable for Capital Gains Tax, or any other tax ? If we are, can we legally avoid it and if so how.
It is our intention to deposit the money in premium bonds and in a savings account. Any thoughts or suggestions would be great.
regards Steve
I hope this is the right place for this subject. If not, please let me know and I'll move it.
My wife and I are moving house in the next couple of weeks. We are downsizing and will have a surplus of around £80k. This money will be used for updating and extending the new property, hopefully within a year.
What I need to know is are we liable for Capital Gains Tax, or any other tax ? If we are, can we legally avoid it and if so how.
It is our intention to deposit the money in premium bonds and in a savings account. Any thoughts or suggestions would be great.
regards Steve
0
Comments
-
https://www.gov.uk/tax-sell-home
You don't get charged CGT if you sell your main home (amongst various conditions). The link above should clarify.urs sinserly,
~~joosy jeezus~~0 -
Hi joosy jeezus
I probably should have done some research myself, I didn't expect it to be that simple. Can always rely on someone on here to have an answer.
That is very helpful, many thanks Steve0
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