2007-02-01 03:28:38 · 4 answers · asked by SANJIV K 1 in Business & Finance ➔ Taxes ➔ United Kingdom
there is no tax liability if this is your only property
2007-02-01 03:33:30 · answer #1 · answered by man with the golden gun 4 · 0⤊ 0⤋
If the house is your main residence there would be no tax liability. If it is not, you may need to pat capital gains tax at 40% on the profit. There are GCT allowances, so check the Inland Revenue website as it can be complicated
2007-02-01 11:33:40 · answer #2 · answered by bloblynda 2 · 0⤊ 0⤋
If you live in the property then the proceeds aren't taxable. If you don't look at the inland revenue web site, or give them a call, it's very complicated.
2007-02-01 13:48:47 · answer #3 · answered by gerrifriend 6 · 0⤊ 0⤋
Is it your main private residence? if it is, then none.
If its a buy to let or investment property then you'll need to pay capital gains tax if your profit exceeds £8,800.
Read here:
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/TaxOnPropertyAndRentalIncome/DG_4016337
2007-02-01 11:34:38 · answer #4 · answered by Anonymous · 0⤊ 0⤋