I have sold and I am buying. How much please?

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    I have sold and I am buying. How much please?

    Good evening

    I sold a flat that was rented and intend buying a house for the same purpose.

    Will I pay CGT and stamp duty also?

    It seems horendous.

    Greetings

    #2
    If you sold the flat and made a profit , the capital gain will be liable to CGT.

    The capital gain is calculated from the "sales proceeds" minus "acquisition cost" minus "any money spent on improvements". ( Mortgage loans are not counted for the determining the capital gain.).

    When the buyer decides to buy a house, the buyer should expect to pay normal sdlt rate or higher sdlt rate if there is an existing property in the buyer's name.

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      #3
      oh dear are you sure you know what you are getting in to OP?

      Comment


        #4
        Thank you Gordon, I will need to do some sums.

        Blinko, A very good point. Buying a place to let again seems sensible, despite new adverse landlord rules and law. I am just shocked at the amount the government gets from two transactions.

        We must be a hugely wealthy country!

        Regards to you both.

        Comment

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