Determining the date of paying the capital gains tax
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colin
Apprentice
Joined: 19 Dec 2007
Posts: 1
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 Posted: 08/11/08 - 09:57 Post subject: |
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| I have bought a property quite some time ago, and it is now jointly-owned. Now I need to sell it, but there are problems with selling such a property. We are simply not sure how to determine the date of paying the capital gains tax we will need to. If anyone could help, that would be great. Thanks in advance. |
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pepe
Apprentice
Joined: 11 Feb 2005
Posts: 1
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| Posted: 09/09/08 - 22:58 Post subject: |
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| When it comes to jointly owned property, everything that needs to be paid, and everything you earn from the sale, you will split into 50-50 ratio. Now, when it comes to taxes, if you have lived there for the 2 of the past 5 years, that is your principal residence, and you will not pay CGT. However, if that is not the case, the CGT is imminent. Now, the date of paying it depends on the date of your receiving income. You have to pay CGT during the tax year you made the transaction, or you would have to pay fine. Best of luck. |
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