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  • FIRST POST
    • vmnadig
    • By vmnadig 16th May 18, 4:15 PM
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    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
    • 15,608 Posts
    • 22,257 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
    • 902 Posts
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    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.
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