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i hear rumours that the government will be taking 50% of the difference between what you buy your home for and what you sell your home for.. can anyone give me more info on this please : )

2 Thoughts on Property selling tax UK (what will it cost you to sell your home in the uk, what percentage does the gov take)?
  1. Reply
    bri
    July 29, 2011 at 11:10 pm

    If it is your only or main residence the government does not take money from the proceeds of a house sale. if it is a second home then you pay capital gains tax on the profit you have made – this is currently 18% but the government is planning to raise it to the level of income tax – for higher income people this would be 50%.

  2. Reply
    Ed
    July 29, 2011 at 11:14 pm

    You do not have to pay tax as long as:

    •You bought it and made any expenditure on it, primarily for use as your home, rather than with a view to making a profit.
    •The property was your only home throughout the period you owned it.
    •You did actually use it as your home all the time that you owned it and throughout that period, you did not use it for any purpose other than as a home for yourself, your family and no more than one lodger.
    •The garden and area of grounds sold with it does not exceed 5,000 square metres including the site of the house.

    If you are married or in a civil partnership and not separated you and your spouse or civil partner can have only one such residence between you.

    However, if all of the elements above are met, you may still be liable to pay tax.

    In the UK capital gains tax (a tax on the profit or gain you make when you sell or dispose of an asset) is 18%. For more information on this visit the HM Inland Revenue website.

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