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How much tax do the Government coffers require when selling a second home valued at around £160,000- £180,?
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2 Answers
- steffiLv 71 decade agoFavorite Answer
It depends on how much you paid for property initially, whether it has ever been your main residence, and a few other factors.
Currently you have an exemption of £10,100 profit before Capital Gains is charged. Capital Gains rate is 18%.
Source(s): Retired tax office employee. - CalaLv 71 decade ago
If it's below £175,000 then there's no stamp duty to pay, and if you have lived in the property for quite a few years then you probably won't have any capital gains tax to pay.
