We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Buying property abroad
liamo777
Posts: 1 Newbie
in Cutting tax
Hi, I'd appreciate any advice anyone has to offer. I'm recently retired and considering selling my house and buying in Spain. Does anyone have any tips on the most efficient (with a view to taxation implications) way to go about this? I imagine my house is worth roughly £150000. So if I sell and hold this money in my bank account for a period of time will I be liable for tax once I withdraw to buy another property?
Thank you
Liam
Thank you
Liam
0
Comments
-
Has the house been your main residence throughout your ownership of it? If so, there are no tax consequences of selling it. Where you put the proceeds has no impact on the tax liability on sale, although (at least in better times) the interest earned on the proceeds might be liable to income tax.0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 348.6K Banking & Borrowing
- 252.2K Reduce Debt & Boost Income
- 452.5K Spending & Discounts
- 241.3K Work, Benefits & Business
- 617.8K Mortgages, Homes & Bills
- 175.8K Life & Family
- 254.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards