|
Author |
Message |
The Shaggy D.A. |
This post is not being displayed .
|
The Shaggy D.A. Super Spammer
Joined: 12 Sep 2008 Karma :
|
Posted: 20:31 - 30 Aug 2018 Post subject: Capital Gains Tax |
|
|
Quick query. Moving house. Own first one outright, bought for £50k, now valued £200k. Buy second one with cash, move in, sell first, maybe a month overlap. CGT due on sale of first house? ____________________ Chances are quite high you are not in my Monkeysphere, and I don't care about you. Don't take it personally.
Currently : Royal Enfield 350 Meteor
Previously : CB100N > CB250RS > XJ900F > GT550 > GPZ750R/1000RX > AJS M16 > R100RT > Bullet 500 > CB500 > LS650P > Bullet Electra X & YBR125 > Bullet 350 "Superstar" & YBR125 Custom > Royal Enfield Classic 500 Despatch Limited Edition (28 of 200) & CB Two-Fifty Nighthawk > ER5 |
|
Back to top |
|
You must be logged in to rate posts |
|
|
MarJay |
This post is not being displayed .
|
MarJay But it's British!
Joined: 15 Sep 2003 Karma :
|
|
Back to top |
|
You must be logged in to rate posts |
|
|
The Shaggy D.A. |
This post is not being displayed .
|
The Shaggy D.A. Super Spammer
Joined: 12 Sep 2008 Karma :
|
Posted: 21:27 - 30 Aug 2018 Post subject: |
|
|
30 years.
Looks like I have an 18 month window :-
https://www.telegraph.co.uk/tax/capital-gains/how-long-can-we-keep-our-old-home-before-we-have-to-pay-capital/
I'll have a chat with HMRC. ____________________ Chances are quite high you are not in my Monkeysphere, and I don't care about you. Don't take it personally.
Currently : Royal Enfield 350 Meteor
Previously : CB100N > CB250RS > XJ900F > GT550 > GPZ750R/1000RX > AJS M16 > R100RT > Bullet 500 > CB500 > LS650P > Bullet Electra X & YBR125 > Bullet 350 "Superstar" & YBR125 Custom > Royal Enfield Classic 500 Despatch Limited Edition (28 of 200) & CB Two-Fifty Nighthawk > ER5 |
|
Back to top |
|
You must be logged in to rate posts |
|
|
Itchy |
This post is not being displayed .
|
Itchy Super Spammer
Joined: 07 Apr 2005 Karma :
|
Posted: 21:40 - 30 Aug 2018 Post subject: |
|
|
None as you get private residence relief.
The gain only comes when you realise it by selling it.
It's why MPs in the past flipped their homes (residence definition) to minimise their tax liability.
So what you need to do is buy the new one and keep your old home nominated as your principle residence then change it over once it has been sold = no CGT.
What you might need to be wary about is SVA where you get charged more stamp duty if you already own property. ____________________ Spain 2008France 2007Big one 2009 We all die. The goal isn't to live forever, the goal is to create something that will. In the end, your life will flash before your eyes. Make sure it is worth watching. |
|
Back to top |
|
You must be logged in to rate posts |
|
|
The Shaggy D.A. |
This post is not being displayed .
|
The Shaggy D.A. Super Spammer
Joined: 12 Sep 2008 Karma :
|
|
Back to top |
|
You must be logged in to rate posts |
|
|
Riejufixing |
This post is not being displayed .
|
Riejufixing World Chat Champion
Joined: 24 Jun 2018 Karma :
|
|
Back to top |
|
You must be logged in to rate posts |
|
|
Old Thread Alert!
The last post was made 5 years, 240 days ago. Instead of replying here, would creating a new thread be more useful? |
|
|
|