How much must I pay on capital gains tax?
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boony
Apprentice
Joined: 21 Dec 2005
Posts: 3
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 Posted: 05/08/08 - 10:11 Post subject: |
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| Hello everybody! I would appreciate if someone could tell me more about capital gains tax. I am about to sell my house and I am especially interested in tax implications that it will have. I am curious to know how much must I pay for capital gains tax? Thank you in advance for your posts. |
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gustave
Apprentice
Joined: 21 Oct 2006
Posts: 1
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| Posted: 06/06/08 - 23:22 Post subject: |
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| The best information about all the tax implications of your transaction you can get from a certified solicitor or from some other tax expert. But I can also tell you some basic things. In general, capital gain is the difference between the initial value of the property you want to sell and how much it is worth now. So, if you paid 100 000 pounds for your house and you are going to sell it for 130 000 pounds, your capital gain is 30 000 pounds. So, for the amount of 30 000, you are liable for the capital gains tax. To that amount you apply the right rate and state it in your tax return. Now I don’t know exactly what are the rates for CGT, bit I think that you can find them online. So, good luck with the selling. Bye! |
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