I own a flat in Devon which I purchased in 1994, and I lived there until 2000 when my work took me to Bristol. For 3 years, I lodged in Bristol with a mate during the week, and commuted home at weekends. During that time, I met my current partner and eventually moved in with her and her two children in her rented accomodation in Bristol. I now travel a lot with my work, so I still use the flat as base when I'm down in the South West. The Landlord of the rented property in Bristol has recently informed us of his intention to sell, and has offered us first refusal. As we have since married and wish to remain where we are, I now want to sell my flat in Devon to part fund the purchase of the house in Bristol. Will this attract any "unforseen" taxes like Capital Gains or Property tax?
2007-01-17 10:11:07 · 6 answers · asked by hedgeybear 4 in Business & Finance ➔ Taxes ➔ United Kingdom
You will not have to pay Capital Gains Tax ("CGT") when you dispose of your home if all the following conditions are met.
1. Throughout the period that you owned it, it was your only home.
2. You did actually use it as your home all the time that you owned it.
3. Throughout the period that you owned it, you did not use it for any purpose other than as a home for yourself, your family and no more than one lodger.
4. The house and garden do not exceed 5,000 square metres (about one and a quarter acres - roughly the size of a football pitch).
Even if not all of these conditions are met, you may still be entitled to relief against all or part of the gain.
2007-01-17 21:10:03 · answer #1 · answered by Ptee 1 · 0⤊ 0⤋
Your Index value is inaccurate ... As in accordance to income Tax take 64000 As certainly value And Calculate with Index No. of three hundred and sixty 5 days 1980-80 one or Take marketplace Prise of 1980-80 one And Take Index Calculation. like Rs. 64000/one hundred*Index No. of Sale 3 hundred and sixty 5 days. And make investments the Capital income Amt in New living house that receives Deducted from Capital income value. I.e Sale value a lot less: listed value of Acquisition = LTCG a lot less: funding in different living house. If Any quantity is stay then make investments it in NHAI Bond and Get Deduction. If Any Amt last Then Pay Tax on an same .. in case you have not the different income than Your Slab quantity deducted from such CG. If the different question then Sale Date and different income information Mail me... i'll Calculate the precise and grant you with another component of creating plans.
2016-10-15 09:19:17 · answer #2 · answered by carris 4 · 0⤊ 0⤋
So long as your flat was your primary residence (and I don't think from what you've said that you would have any trouble establishing that) there is no CGT. If during the time you stayed with your partner you rented it out then the periods it was your primary residence and the last 2 years of ownership would be tax free.
2007-01-17 19:12:50 · answer #3 · answered by Anonymous · 0⤊ 0⤋
No capital gains but stamp duty on purchase of new place.
2007-01-17 10:23:09 · answer #4 · answered by LongJohns 7 · 0⤊ 0⤋
Quite simply, no. If it is your only property you don't pay CGT.
2007-01-17 10:22:36 · answer #5 · answered by Buckaroo Banzai 3 · 0⤊ 0⤋
No CGT is due. It was your SMR throughout.
2007-01-18 10:13:05 · answer #6 · answered by Do not trust low score answerers 7 · 0⤊ 0⤋