billye
Apprentice
Joined: 03 Apr 2007
Posts: 3
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 Posted: 04/03/08 - 21:04 Post subject: |
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| Hi there Linda. Answer to your question is no; capital gains are not payed just on rental property. You are liable for capital gains tax in any transaction in which you get some capital gain. For example, if you have a flat which you paid 100 000 pounds for and now you want to sell it for 140 000, those extra 40 000 are regarded as capital gains and will be taxed as such. It applies to all kinds of properties, like houses, land, woods etc. when you calculate capital gain that you got; you apply the appropriate rate and claim it in your tax return. That would be about capital gains. I hope I made it clear to you. Bye! |
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