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Selling a House-Capital Gains?
tallulahpetunia
Posts: 6 Forumite
Hi
I'm currently trying to sell and buy at the same time but with the whole property market the way it is I've already lost 3 properties I liked and one buyer who can no longer get a mortgage.
I'm now thinking of just selling and moving into rental accomodation to give myself some breathing space and less stress?!
Anyway what I need to know is-Will I have to pay capital gains tax on my profit if I don't buy a new property at the same time as selling?
Thanks for reading!
TP
I'm currently trying to sell and buy at the same time but with the whole property market the way it is I've already lost 3 properties I liked and one buyer who can no longer get a mortgage.
I'm now thinking of just selling and moving into rental accomodation to give myself some breathing space and less stress?!
Anyway what I need to know is-Will I have to pay capital gains tax on my profit if I don't buy a new property at the same time as selling?
Thanks for reading!
TP
0
Comments
-
Not if it's your main home you are selling.
Capital Gains Tax is only for 2nd properties/investments/BTL
No CGT to pay on selling your own main private home.
Sell your place, bank the money, it's all yours.0 -
Thank you-that's very reassuring. I just need to find a new buyer now!!0
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