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Sale Of Home

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Jasper66 | 20:38 Thu 06th Jun 2019 | Business & Finance
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Sold my house but don`t intend to buy another ever. is the cash made after mortgage repaid classed as income or savings
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Avatar Image bookbinder
Income is money that you get from working, but you haven't worked to get this mortgage repayment, so I would say it's savings.
20:42 Thu 06th Jun 2019
Avatar Image TonyV
If it's your only property and just residential,I don't think it will be treated as income IMO.
20:46 Thu 06th Jun 2019
Avatar Image Buenchico
As long as the house was your main residence (and a few other conditions are met), there's no CGT (or any other form of tax) to pay:
https://www.gov.uk/tax-sell-home
20:49 Thu 06th Jun 2019

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