G
gcltd
Hi, we are about to downsize and split our house in to two houses, keeping one, selling the other - does anyone have experience/knoweldge of capital gains tax and what we would have to pay or ways around it? Thanks
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If it is your house that you live in there is no capital gains. If you are selling a property that has been let then you are liable for C.G. tax. You are not taxed on the first £9,000, if there is more than one person on the mortgage each gets £9k allowance, two houses we got 7yrs ago have only gone up about £10k to £20k so C.G. tax would be minimal, you are only entitled to your tax allowance one per year.
So sell the house you live in, move into the next, it has to be your postal address, then sell that one and so & so on. simples.
If you live near Bristol i can recomend my accountant.
So sell the house you live in, move into the next, it has to be your postal address, then sell that one and so & so on. simples.
If you live near Bristol i can recomend my accountant.
You have to have been the owner/occupier for 2 years to qualify for no capital gains tax.
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