capital gains tax

peggyjack | 15:13 Sat 13th Jan 2007 | Personal Finance

2 Answers

We are selling our house for �260,000 and buying another property for �160000 which will leave us with approximately �100000. We are planning to use this money to retire early and live on. We paid �97,000 for the house 8 years ago. Will we have to pay capital gains tax on this �100000 Can anybody help thank you

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newquizzer

As long as you only have one house there is no capital gains tax to pay.

themas

The above answer assumes you have lived in the house as your sole or main residence. From your question, I think that is the case but, if it is not and you have been living elsewhere, then CGT will be payable but the amount can be reduced if you have lived in the house during part of your ownership.

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