You don’t pay Capital Gains Tax when you sell (or ‘dispose of’) your home if all of the following apply: you have one home and you’ve lived in it as your main home for all the time you’ve owned it you haven’t let part of it out - this doesn’t include having a single lodger you haven’t used part of it for business only the grounds, including all buildings, are less than 5,000 square metres (just over an acre) in total you didn’t buy it just to make a gain
You don’t need to do anything. You’ll automatically get a tax relief called Private Residence Relief.
If you don’t meet all these criteria you may have to pay some Capital Gains Tax.
A change in taxation came into being April 15 this year and it applies to Non-Residents. HMG is not imposing a tax of 28% or any tax atall on the sale of a main residential property for UK homeowners….as opposed to a second,usually, holiday home.
As it stands UK residents will pay CGT on the sale of a second home here so this anomaly is being put right.
I work for lloyds and have received free shares, bought shares via rights issue and bought shares via internal share plans over the years. The shares have a ticket value ranging from 30p to £5 plus. I'm looking to sell these in tranches in order to rebuy via the new share plan scheme, while holding enough to secure possible dividends in the next year. My quandary is, how do I do this and pay the minimal tax...... Is there a fool's guide ?
I have just learnt the Government has brought in the CGT on Homes from April 2015,they will be valued from 2012,CGT will be 28% on the Profit made if you sell your home. What else will the working class man have to suffer?
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