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shelltqy | Money from house sale......what to do? pls help? |
Hi, we are a family of 6 (4 kids), we own our own home but have had a sudden change in circumstaances. Hubby has been laid off work due to sudden health issues, we have had to go onto benefits, we dont get any help towards our mortgage, therefore we are having to sell.
My question is regarding any money we have from our house sale, say for example its 30,000..... do we have to pay tax on this? Obviously we have to declare it re the benefit side but tax wise???? I not got a clue? Any advice pls... |
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Chariotmender
 |
It is my belief and understanding that your first two respondents are wrong.
As the tax rules apply at the present time, you will not have to pay any tax on the sale of the house because it is your only residence. The real issue is the possible effect this money will have on your benefits.
There will be no effect on your Incapacity Benefit, Disability Living Allowance (DLA), or Child Benefit because these are based on your illness, your child and your National Insurance contributions. However, the money may have an influence on the amount of tax credit you get because this is a means tested benefit and capital (from the sale of the house) can have an effect on the amount you get.
However, if you are selling the house and intend to use the money towards buying a new property, the money should not be taken into account for six months. Providing you can show that you are actively seeking a new property, the money can be ignored for an extended period.
If you find that you have a problem with the Tax Credit Department because of this capital I would suggest you contact your local Citizens Advice Bureau (CAB) and ask them to intervene on your behalf. The information above comes from the Welfare Benefits and Tax Credits Handbook 2005/6 page 1032.
For confirmation of the above contact your local Citizens Advice Bureau or speak to a Chartered Accountant. The latter will normally give free advice for your first meeting. |
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Jean-Luc
 |
You should be able to get help towards housing costs.
Try www.entitledto.co.uk as a good starting point, then citizens advice can be really good.
Selling your house is not the way to go if at all possible - you'll get the equity tax free from the sale of your main residence but the cash will mess up your benefit entitlement.
One other thing - if hubby has been laid off due to ill health the chances are his employer has committed an offence. Suggest you see a solicitor who specialises in employment law. Most will do a free consultation to asses your case. |
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Johnny
 |
What a lot of cobblers gets talked on this site.
You don't pay CGT on the sale of your own home - (there may be stamp duty but you don't mention that). |
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dana2pnw
 |
You only pay capital gains in you have more than $250K in profit and don't roll it into a new house. In other words, it is tax free moeny. Enjoy! It doesn't happen often! |
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beverley.newman1@btinternet.com
 |
The answer is no! You are selling your main residence so no capital gains payable.Sorry to hear of your troubles,I had the same problem 4 years ago but hung onto the home(if you are on benefits you should get help with your mortgage,they pay the interest on the loan.Get in touch with your mortgage provider and see if you can switch to interest only for the duration of your illness and re apply to your local benefits office or the citizens advice who are all very helpful.)Do'nt sell if you can avoid it as it will just mean that you will lose your benefits once you have that money and when it is gone you have then lost it all.We survived(my hubby had a quadruple by pass ) and I am a pensioner so it wasnt easy but we made it.Good luck. |
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Christie C
 |
I blelieve you are talking about capital gains tax but you do not have to pay this if it is your only home.
I do not know the law regarding being on benefits and having savings - this may change your rights with regards to the benefits. Try your local Citizens Advice Bureau (CAB)
Good luck! |
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bigoilman
 |
In the US the first $250k is tax free if you're single and $500k if you're married. The only other criteria is that you had to live in the house at least 2 of the last 5 years (they do not have to be consecutive years).
If you're in the UK, I don't know. |
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suerye
|
Some of the answers on here are shamefully inaccurate. In the UK, if you sell your only or main residence, you are exempt from CGT and, of course, it is not income, so no income tax either. If you invest the cash, you will, of course, pay income tax on any interest earned, and this would be at 10%.
Ref benefits, I would always advise a trip to the CAB as they will look at your total situation and make sure you are claiming everything you are entitled to. |
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neil desperandum
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Get in touch with the Inland Revenue and explain all of your financial circumstances. It seems to me to be somewhat harsh to be taxed at 40% if you are both unemployed at the moment. |
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master of all
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yes, you will have to pay income tax on the proceeds unless you reinvest it in another property. i believe you have up to a year to do this. |
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taxed till i die,
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Oh dear,The taxman is going to love you,Capital gains tax=40% |
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