Income tax on sale of current home
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vmnadig
Posts: 1 Newbie
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?
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?
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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?
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.0 -
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.The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.0
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