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selling a property and capital gains tax?
if i sell a property and then move in with someone before buying another place do i have to pay capital gains tax on the property i sold?
is capital gains tax really 40%
3 Answers
- ?Lv 79 years agoFavorite Answer
You are not clear about the property. If you sell your home, move in with a partner and then buy a new home there is no CGT. Your home is not subject to Capital Gains Tax.
The tax rate (if chargeable) depends on the size of the gain after adjusting for your peronal CGT allowance.
The common slip is to move out - rent the property out and then sell. If you do that you are liable for the increase in value between moving out and selling (the rental period). You need an assessor to value the property at the moving out point if that is the case.
- 4 years ago
a chum is attempting to promote their property in Costa del sol and its no longer in simple terms capital constructive elements tax its something to do with community tax for the years they have owned it. bought 25 years in the past for 7thousand valued now 90thousand if promote the get round 20thousand after paying Spanish council tax, so get specialist help.
