cgt tax

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    cgt tax

    would i have to pay any tax on proprty price gain if i am buying new build properties on a new development, where tenants are insitu and i am planning to sell under 2 years time hopefully price of property will have gone up.

    i have the chance of buying vacant new builds on the same development instead but but would prefer tenanted ones if no cgt ? tax is payable.

    #2
    Gain is chargeable to CGT if not PPR

    Sorry, all properties not used as your only or main residence (PPR relief) are chargeable to CGT. It doesn't make any difference whether they have been pre-let or not, or whether they have bought and sold off-plan.

    You of course have the use of your annual exempt allowance which for 2005-06 is £8,500. Taper relief is available for properties owned for at least 3 years. This starts at 5% and increases by 5% for each year thereafter until it reaches a maximum of 40%. Any excess gain is added to your other income and gains of the year of disposal and taxed according to the tax-bands they fall into.

    Ramnik
    Private advice is available for a fee by sending a private message.

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