Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • vmnadig
    • By vmnadig 16th May 18, 4:15 PM
    • 1Posts
    • 0Thanks
    vmnadig
    Income tax on sale of current home
    • #1
    • 16th May 18, 4:15 PM
    Income tax on sale of current home 16th May 18 at 4:15 PM
    Hi,
    If I have a property which is my main home and if i wish to sell it without wanting to invest in buying another property would i need to pay income tax on the amount from the the sales proceeds? Also are there any exemptions with HMRC rules that i could avail for this purpose?
Page 1
    • antrobus
    • By antrobus 16th May 18, 5:12 PM
    • 16,117 Posts
    • 22,956 Thanks
    antrobus
    • #2
    • 16th May 18, 5:12 PM
    • #2
    • 16th May 18, 5:12 PM
    Hi,
    If I have a property which is my main home and if i wish to sell it without wanting to invest in buying another property would i need to pay income tax on the amount from the the sales proceeds? Also are there any exemptions with HMRC rules that i could avail for this purpose?
    Originally posted by vmnadig
    There is no income tax to pay.

    There is an exemption from Capital Gains Tax when you sell your own home.

    Don't worry, all the money would be yours.
    • tacpot12
    • By tacpot12 16th May 18, 5:49 PM
    • 1,423 Posts
    • 1,221 Thanks
    tacpot12
    • #3
    • 16th May 18, 5:49 PM
    • #3
    • 16th May 18, 5:49 PM
    Only thing to add to antrobus' reply is that the exemption when you sell your own home only applies to the period when you occupied the property as your own home. If you ever let your property out to someone else, then some Capital Gains Tax (CGT) will be payable. Note that everyone has a CGT allowance and this may mean that even if you did let your property out for a time, no CGT will be payable.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,661Posts Today

10,635Users online

Martin's Twitter