Taxed on house sale proceeds?

ColdIron

dj240779 said:

Also, look out for companies in the same group. NatWest and Royal Bank of Scotland, for example, are counted as one company as they are in the same group. You want to split across different groups, NatWest, Halifax, Nationwide, etc. 

A good point in principle but it's not whether they are in the same group but whether they share a banking licence. In this case RBS and Natwest have separate licences

https://www.moneysavingexpert.com/savings/safe-savings/#tool

xylophone

NS&I would be a safe home for the money. Direct Saver/Income Bonds might suit.
https://www.nsandi.com/

d63

dj240779 said:

Tax situation aside, don't forget to split this money into different accounts. If a bank were to go bust, you are only guaranteed to get back up to £85,000.
If the money is from a house sale (which yours is) it's covered in full for the first 6 months, but after that it would be best to split around different companies.

Also, look out for companies in the same group. NatWest and Royal Bank of Scotland, for example, are counted as one company as they are in the same group. You want to split across different groups, NatWest, Halifax, Nationwide, etc. 

seems to be 1 year now:
 https://www.fscs.org.uk/media/press/2020/aug/thb-coverage-extended/

badger09

d63 said:

dj240779 said:

Tax situation aside, don't forget to split this money into different accounts. If a bank were to go bust, you are only guaranteed to get back up to £85,000.
If the money is from a house sale (which yours is) it's covered in full for the first 6 months, but after that it would be best to split around different companies.

Also, look out for companies in the same group. NatWest and Royal Bank of Scotland, for example, are counted as one company as they are in the same group. You want to split across different groups, NatWest, Halifax, Nationwide, etc. 

seems to be 1 year now:
 https://www.fscs.org.uk/media/press/2020/aug/thb-coverage-extended/

Thanks for that. I don't think its been mentioned elsewhere on the forum 

John_

boopybetty said:

I wont be working once I've sold the house as i'm moving to a totally new area, and the house is solely in my name, sorry about the title, i'm clueless on money so thought that was the best description, ie being taxed on the proceeds of a house sale.

There isn’t a wealth tax in the UK, so there’s no tax going to be levied in your £300k.

If you earn interest on it then that interest can be taxed, but you’re really not going to earn enough interest to need to pay anything if you are only leaving it on deposit for up to a year.

Please do put it somewhere safe. Spread it around several banking groups so that you don’t have more in any one than would be protected if they went bust.