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I don't want to sound like a prize prat, but can anyone help me here?

(8 Posts)
carla Tue 16-May-06 09:16:55

Message deleted

SoupDragon Tue 16-May-06 09:24:57

Think it has to be your main place of residence to avoid CGT but I'm not 100% sure.

Freckle Tue 16-May-06 09:26:59

If it is your primary residence, you wouldn't have to pay any taxes. If it is not your primary residence, then you would be liable for capital gains tax on the increase in value. If it is not your primary residence, when did you last live there and for how long?

carla Tue 16-May-06 09:29:13

Message deleted

fairyjay Tue 16-May-06 09:36:30

Then move in quick!

fairyjay Tue 16-May-06 09:38:56

Seriously, I think Capital Gains can be accumulated, so if you've not been liable over the past 5 (?) years, you can use up that allowance also. Also, all of your costs relating to the house would be deducted from the profit figure - I think. You'd still be left with a hell of a bill though.

I'm sure that there's someone here who can be of more specific help.

Nice problem though

carla Tue 16-May-06 09:39:27

Message deleted

Freckle Tue 16-May-06 09:42:46

Would you have a problem living there for a year?

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