Are there taxes when I sell my house?

In this world nothing can be said to be certain instead of death and taxes.   Benjamin Franklin

So obviously the answer is yes, but I’m guessing you already knew that and hence why you are reading this guide. The taxman has changed a lot about stamp dutypayabkle on your next purchase in particular in recent years so it is always worth checking out current rules before making any decisions and this guide is in no way intended to give tax advice, if in doubt speak to a qualified tax advisor.

Capital Gains Tax- Capital Gains Tax is the tax that is levied on the profit you have made when you sell or dispose of an asset. This one only applies if you are not selling your primary residence, so sorry landlords and second home owners this is one for you to consider this is because of primary residence relief. Rules around the relief  are explained briefly here on the goverments website , but they get fairly confusing if you lived in the house you are selling for only part of the time you owned it. If that’s the case I would recommend phoning the capital gains hotline on 0300 200 3300 or speaking to your tax advisor. There is a capital gains tax allowance currently £11,100 (tax year 2015/2016) so you only pay capital gains tax on gain over the allowance (assuming you have made no other capital gains/losses.)

Stamp Duty – This only applies if you are buying a property so if you are just selling you don’t need to worry. Contact us here if you have any queries...

Mark Worrall

Director love2move

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