Urgent question!!!

WiccanKitten | 21:23 Thu 20th Jul 2006 | Home & Garden

6 Answers

If i deposit a large sum of money from sale of my house into a savings account, will it be subject to tax?

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Basically if it was your main dwelling then no.

Obviously you will pay tax on the interest on the funds in the bank.

As Billy says !!!!

Question Author

cheers guys!

what about capital gains

I think that's what the person was asking - well my answer refers to Capital Gains as I had a similar panic attack last year !!

NORMAN, there is no Capital gains if it is the money from the sale of your main residence,so you would only pay tax on the interest the money earns

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