Quizzes & Puzzles0 min ago
is capital gain tax payable?
I have bought a house with partner and moved in in March. I still own a flat in my name and have not sold it yet. If it is sold later on in the year, would I need to pay captital gain tax on it?
Answers
Only 1 answer
Best Answer
No best answer has yet been selected by 7127alkc. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.
You have around two years of 'overlap' allowed (in which time you can own two houses) before CGT would ever be due. With clever timing it is possible to make it nearly three years.
But then any CGT would only be chargeable on the gain in capital (if any) from March 2009 until the point you sold. Unless properties prices take a hike soon, there surely wouldn't be a capital gain since March 2009 anyway.
But then any CGT would only be chargeable on the gain in capital (if any) from March 2009 until the point you sold. Unless properties prices take a hike soon, there surely wouldn't be a capital gain since March 2009 anyway.
Only 1 answer
Related Questions
Sorry, we can't find any related questions. Try using the search bar at the top of the page to search for some keywords, or choose a topic and submit your own question.