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Capital gains tax

Last post Wed, May 20 2009, 8:30 PM by maxsteam. 1 replies.
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  •  Wed, May 20 2009, 8:30 PM

    Re: Capital gains tax

    You could stop using capitals for a start.

    You are not liable for capital gains tax on your principal residence. If you own 2 houses, you can nominate one to be your principal residence within 2 years of buying the second. If you don't nominate, the principal residence will be decided by your local tax office by looking at the situation.

    • Post Points: 5
  •  Wed, May 20 2009, 4:13 PM

    Capital gains tax

    WE HAD A PROPERTY GIFTEDTO US @ £180.000 AND OBTAINED PLANNING PERMISSION ON THE SIDE GARDEN

    TO BUILD ANOTHER PROPERTY.

    MANY YEARS LATER THE ORIGINAL PROPERTY WAS SOLD FOR £245.000 AND THE NEW BUILD HOUSE BECAME

    OUR HOME FOR JUST OVER 6 MONTHS.

    DUE TO SCHOOLING DISTANCES WE HAD TO MOVE YET AGAIN AND LET THE PROPERTY AS THE CRASH

    RESTRICTED THE SALE. WE HAVE NOW BEEN TOLD WE MAY BE LIABLE TO CAPITAL GAINS ON THE

    PROPERTIES AND THE LAND USED AS THIS HAD ITS OWN VALUE? WE WERE ALSO

    ADVISED BY A FRIEND THAT THE HOUSE CAN BE SOLD WITHIN 3 YEARS AND SHOULD NOT HAVE TO PAY ANY

    TAX. WE ARE SO CONFUSED AND DON'T KNOW WHAT TO DO?

    • Post Points: 20