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Bunches | Anyone know about capital gains tax? |
I bought a house for my Mum & Dad to live rent free in their retirement. Both have now passed on, leaving me with a house to sell.
Will I have to pay CGT on the profits? Purchase price was about 24k, valuation for sale 130k. Are there any other taxes or charges I need to be concerned about?
Thanks
Additional Details
Thanks Wordsmith - the house is in UK. It has been used by my family for the whole time. I may get away with some relief on CGT. There's no inheritance since I own the property |
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suerye
|
There will be CGT on the difference between the purchase price plus costs, less the selling price plus costs, but no other taxes to pay. You will also be entitled to taper relief, but without knowing how long you owned the house, I can't advise you further.
You have an exemption this year of £9200 and the balance of the chargeable gain will be taxed at your highest marginal rate. |
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Spock (rhp)
 |
if the house is in America, yes -- CGT applies to the profit on sale. |
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Wordsmith99
|
You should consult an accountant, but for now, here's the official site:
http://www.hmrc.gov.uk/cgt/index.htm
PS I take it any inheritance tax has been dealt with? |
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Onestep downfrom God
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If the property was purchased before 1989 then it may be exempt from CGT if it was provided for your parents under certain conditions.
If post 1989 then you will get indexation up to 1998 and taper relief after that, so the gain could be as little as £61000 which after yout annual allowance would leave £52000 taxable. |
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garybuckwell
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you must be loaded lol you can buy me a house if you like |
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9lives
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Real estate and property taxes, as well a capital gains. County taxes. etc. If you put the money into a savings account than the interest is also taxable. |
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~Snizz~
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awww that's so sweet... you bought your parents a house..
I'm sorry they passed though! |
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junglejungle
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well since your names on the deeds , no inheritence tax.
depends on a lot of things, I mean it must have been bought long ago if you only paid 24k for it.
I think in the uk you have to keep a house for 5+ years.. and it also depends on the value of the house..
when (not that I wish them to) my folks pass on, i'm gonna get a hefty inheritence tax bill. all because they decided to work , get a decent house and never scrounge off the state.. that does kinda annoy me, but thats another issue.
speak to the customs/tax people or speak to a solicitor or accountant.. It depends on the circumstances. |
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EMMA R
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