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capital gains tax?

Posted by jiver-187595 - Created: 15 years ago
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2 replies (Showing replies: 1 to 2)

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Posted by mike-179830 - 15 years ago

It's a bit (OK - quite a lot) more complicated than that.

If it's your primary residence, there is (normally) no GGT If not, the base CGT rate is 33% (after original cost of property plus 10%, and agent/transaction costs) After two years the amount of CGT reduces (by 5% per year) until, after 22 years, it is nothing at all. You can (if you keep your receipts) write off the cost of renovations against the CGT If you're a "serial buyer-seller" then the authorities may decide you are a property dealer and tax your profit at 50%

Most of this is covered elsewhere on this site in AngloINFO's INFOrmation pages...

 

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Mike

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Posted by colinc-179930 - 15 years ago

My understanding is that if it is your main residence then therre would be no CGT to pay if you sold at a profit. Normal rate of 40% would apply on the profit if not.