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Selling my main residence if i own another, taxed or ?
Nick9967
Posts: 213 Forumite
Hi all
Considering retirement in 5-8 years, i will likely need some extra cash to do so.
I own my main residence mortgage free, i intend to downsize and take a chunk out of that to help. Problem is this year i have bought my father in law a house to live in close to us its about 50% mortgaged by me.
The question is if i sell my main house will i be taxed on whatever profit there is in that ? for example i bought 18 years ago for 236 could sell for 350, probably buy a smaller one for 220 ish?
I don't want to make my retirement plans around something that wont happen.
thanks
Considering retirement in 5-8 years, i will likely need some extra cash to do so.
I own my main residence mortgage free, i intend to downsize and take a chunk out of that to help. Problem is this year i have bought my father in law a house to live in close to us its about 50% mortgaged by me.
The question is if i sell my main house will i be taxed on whatever profit there is in that ? for example i bought 18 years ago for 236 could sell for 350, probably buy a smaller one for 220 ish?
I don't want to make my retirement plans around something that wont happen.
thanks
0
Comments
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"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP1 -
Is that definitely the case even if i legally own another property?csgohan4 said:0 -
You now own A & B. You live in A.
You want to sell A and buy C. You will live in C.
No CGT on sale of A - it's your residence.
No +3% SDLT on purchase of C - you're replacing your residence.
Mortgage is irrelevant to tax.0 -
Put my mind at rest then thanks, I'll carry on planning retirement !AdrianC said:You now own A & B. You live in A.
You want to sell A and buy C. You will live in C.
No CGT on sale of A - it's your residence.
No +3% SDLT on purchase of C - you're replacing your residence.
Mortgage is irrelevant to tax.0 -
When you bought your 2nd property jointly with your father, presumably you paid 3% additional SDLT on that?Selling your main (current) home will not attract Capital Gains Tax.Buying a new main residence will not attract the addional 3% SDLT provided you sell your current main residence.0
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