Capital gains tax
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- Kibkommer
- Posts: 121
- Joined: Tue 04 Mar 2014 2:37 pm
Capital gains tax
Have just been informed by my solicitor that I have CGT to pay on a recent property sale, does anybody know the rate I would be expected to pay? And do I have to pay it if I am purchasing another property.
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- Kibkommer
- Posts: 141
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Re: Capital gains tax
do you mean the stoppage tax? You get one lifetime sale free of tax and then if you have sold before it is 2.8% on the sale value I believe.
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- Kibkommer
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Re: Capital gains tax
Yes Col is right the 2.8% is based on the land office valuation. If the property you are buying is more expensive you can save your one off exemption from this tax for when you sell that one.
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- Kibkommer
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Re: Capital gains tax
Ozankoys , just been through this myself , got my one off exemption even though new place that I've bought is a quarter of what I sold the last one for .
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- Kibkommer
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Re: Capital gains tax
How can it be called a one off exemption if its a second purchase?
Or didnt you get it the first time.
Or didnt you get it the first time.
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- Kibkommer
- Posts: 478
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Re: Capital gains tax
the exemption is a one off once in a lifetime offer and you can use it anytime you want. it is not done automatically on your first property, when you decide to use you have to declare you want to use it on the particular property in question.
hope this helps Deniz1
hope this helps Deniz1
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- Kibkommer
- Posts: 5119
- Joined: Sat 07 Apr 2012 11:22 am
Re: Capital gains tax
Oh right thanks.