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Sell, Profit, Tax? Rent
phil1970_2
Posts: 2 Newbie
in Cutting tax
Hi,
I purchased under right to buy in April 2002. House was valued at £25k and I paid £13.2.
I remortgaged an extra £6k for improvements (Windows, Central Heating).
The current value is approx £100k.
I earn £15k.
I am considering selling up and renting a property closer to where I work.
Would I be subject to Capital Gains Tax?
Many Thanks
Phil
I purchased under right to buy in April 2002. House was valued at £25k and I paid £13.2.
I remortgaged an extra £6k for improvements (Windows, Central Heating).
The current value is approx £100k.
I earn £15k.
I am considering selling up and renting a property closer to where I work.
Would I be subject to Capital Gains Tax?
Many Thanks
Phil
0
Comments
-
Not if the property has been your only or main residence throughout the period of ownership.£705,000 raised by client groups in the past 18 mths :beer:0
-
Blimey, just seems to be to good to be true!!!
It has been my only residence
Many thanks0 -
Basically, the idea behind CGT is that it is a tax on the profit from investment. If you buy a house as an investment, then CGT would be payable, but if you buy one to live in, you are not liable.£705,000 raised by client groups in the past 18 mths :beer:0
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