cgt on sale of property


B

bobtracey

Hi

I have bought a second house with £10000 of my own savings as a deposit.
If I sell this house at a later date, hopefully for a profit, can I get
my £10000 back out of the profit before I pay cgt?

cheers
 
Ad

Advertisements

M

Martin

bobtracey said:
Hi

I have bought a second house with £10000 of my own savings as a deposit.
If I sell this house at a later date, hopefully for a profit, can I get
my £10000 back out of the profit before I pay cgt?

cheers
No prob. CGT is Capital Gains Tax (or "chargeble gain" to be really
pedantic) so only the gain (and usually not even all of that) is potentially
taxable.

Make sure you keep good records of _everything_ you spend on acquisition and
subsequently.
 
Ad

Advertisements

D

Doug Ramage

bobtracey said:
Hi

I have bought a second house with £10000 of my own savings as a deposit.
If I sell this house at a later date, hopefully for a profit, can I get
my £10000 back out of the profit before I pay cgt?

cheers
No.

The starting point for calculating the gain is : disposal price plus
expenses of disposal) less acquisition price (plus expenses of acquisition).
The amount of deposit/loan is not relevant to CGT.
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Similar Threads


Top