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Options for temporary savings from house sale
Options

Doodlebughere
Posts: 1 Newbie
Hello money savvy peops
I wonder if you can offer me your thoughts; I'm selling a jointly owned house (my main residence) and will have over 200k from the sale (no mortgage) and plan to be renting for a period (not sure how long for; up to a year but could be less or a bit longer).
What kind of savings account would be best to put this money in, i.e. what is low risk and gives decent interest? I would need to be able to access my savings for when I to buy another property.
Also, I don't think I'll have to pay capital gains tax as I'm selling my main residence, but will these savings be taxed in some way; is it considered income? And does this changes after a period (i.e. does it get taxed after a certain period).
Thank you
I wonder if you can offer me your thoughts; I'm selling a jointly owned house (my main residence) and will have over 200k from the sale (no mortgage) and plan to be renting for a period (not sure how long for; up to a year but could be less or a bit longer).
What kind of savings account would be best to put this money in, i.e. what is low risk and gives decent interest? I would need to be able to access my savings for when I to buy another property.
Also, I don't think I'll have to pay capital gains tax as I'm selling my main residence, but will these savings be taxed in some way; is it considered income? And does this changes after a period (i.e. does it get taxed after a certain period).
Thank you

0
Comments
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https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#easyaccess lists easy access accounts that would fit the bill - if you were only saving the money for less than six months then you could keep it all in one account but if not, then breaking it into three chunks would keep it all fully protected by FSCS.
No CGT but any interest you earn on the money will be subject to income tax, although you'll probably have a personal savings allowance that covers the first £500-1000 of that.1
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