Garyrcross Posted May 5, 2009 Share Posted May 5, 2009 I'm sure this has probably been answered before, but I can find no reference. Is Capital Gains Tax payable on profit made from the sale of a property or the whole amount.Thanking everyone in advance.Gary Link to comment Share on other sites More sharing options...
Sunday Driver Posted May 5, 2009 Share Posted May 5, 2009 The tax is on the gain (less certain allowable expenses) - in other words, on the profit. If the property is your principal residence then CGT does not apply. If it is not, then there are discounts on a sliding scale according to the period of time you have owned the property. Link to comment Share on other sites More sharing options...
Garyrcross Posted May 5, 2009 Author Share Posted May 5, 2009 Thanks for that, I assumed it was but you can never be sure.Gary Link to comment Share on other sites More sharing options...
joidevie Posted May 8, 2009 Share Posted May 8, 2009 [quote user="Sunday Driver"]The tax is on the gain (less certain allowable expenses) - in other words, on the profit. If the property is your principal residence then CGT does not apply. If it is not, then there are discounts on a sliding scale according to the period of time you have owned the property. [/quote]Would you happen to know if these discounts apply from the actual 'date of purchase' or the date of the 'achevements des travaux' ? Eg work completed 2 years after the property purchase..Many thanks.. Link to comment Share on other sites More sharing options...
dexter Posted May 11, 2009 Share Posted May 11, 2009 If you`re still resident in the UK perhaps a local MP would be able to advise you!! Link to comment Share on other sites More sharing options...
Judie Posted May 11, 2009 Share Posted May 11, 2009 [quote user="joidevie"][quote user="Sunday Driver"]The tax is on the gain (less certain allowable expenses) - in other words, on the profit. If the property is your principal residence then CGT does not apply. If it is not, then there are discounts on a sliding scale according to the period of time you have owned the property. [/quote]Would you happen to know if these discounts apply from the actual 'date of purchase' or the date of the 'achevements des travaux' ? Eg work completed 2 years after the property purchase..Many thanks..[/quote] The gain is calculated from the date of purchase. The reduction on the gain commences from the 6th year of ownership.Beware of TVA if you are selling within the first 5 years following completion of works, there may be a liability. Link to comment Share on other sites More sharing options...
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