taxes on selling properties?

stu · Apprentice Joined: 07 Jun 2006 Posts: 20

Dear all. I have been seriously thinking of putting my house on the market for quite some time now. I am considering this for many reasons. Right now I am looking into the consequences of it all. I am sure that there are some taxes that need paying. Is that right? How much if the value of the property do these taxes come to? I really need the info so I would appreciate some quick comments.

ario · Apprentice Joined: 29 Dec 2003 Posts: 24

Hi! Usually if the house you are selling is the one you are living in, and you don't own any place else, you won't have to pay taxes on selling it. The buyer does, however, pay tax. Whenever I have a query around a tax issue, I usually go to the Direct Gov website. You can find that at the following address: http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/TaxOnPropertyAndRentalIncome/DG_4016337. Good luck with the sale!