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daphna
Apprentice
Joined: 02 Sep 2005
Posts: 7
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 Posted: 05/06/08 - 08:05 Post subject: |
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| Dear all. I have bought to let a few years back, and have lived off the earnings for some time. In fact, though I don't do any work as such, you could consider that this is my job and the money - ie the property - has been working for me. However now the time has come to sell the place and I don't yet know whether I will reinvest the gains into real estate or into something completely different. How about Capital Gains Tax on the sale of this flat? |
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neils
Apprentice
Joined: 17 Jun 2007
Posts: 8
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| Posted: 06/04/08 - 22:18 Post subject: |
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| Yes. The only way of avoiding it is to move into the place and use it as your "main residence". For the time you are resident over there, you will not have to pay any CGT. In any other case you would be taxed on the whole gain. I hope you consult a lawyer and an independent financial advisor before making any move. And remember, the Revenue is also always there to answer all your questions. |
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