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davon
Apprentice
Joined: 19 Jun 2006
Posts: 5
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 Posted: 01/14/08 - 07:17 Post subject: |
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| I have recently started thinking about selling my house. I would benefit from getting some extra money. However, I would like to know how CGT works in my case. Do I have to pay CGT? I am really not too experienced with these sorts of things. If anyone could tell me, that would be great. Thanks in advance. |
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nikki
Apprentice
Joined: 09 Oct 2004
Posts: 4
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| Posted: 02/12/08 - 23:32 Post subject: |
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When it comes to CGT, or capital gains tax, it is usually applied to the income you get when selling your home. Moreover, it only applies for second property, not the one you live in. That means that if the house you are selling is your primary place of residence, there will be no CGT, if you satisfy some additional criteria. For example, if you have used it solely as your home, and not, say as your office, and if you have owned only that home until three years prior to selling. I hope you find the info helpful. For some more info, go to http://www.direct.gov.uk/en/MoneyTaxAndBenefits/
Taxes/TaxOnPropertyAndRentalIncome/DG_4016337. |
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