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Capitol Gains Tax

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Ric.ror | 15:08 Tue 09th Oct 2007 | Personal Finance
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What is this tax
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Avatar Image PrinceRainie
Capital gains tax is a tax on the increase in the value of something during the time you've owned it. You pay any tax that's due when you dispose of it.
19:16 Tue 09th Oct 2007
Avatar Image Ric.ror
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So, for instance, I bought my house twenty years ago for �20K if I was to sell it for �200K I would then need to pay tax on the �180K - would that be right?
10:49 Wed 10th Oct 2007
Avatar Image anniebird
You do not have to pay Capital Gains Tax on your principal private residence (Your home). You will have to pay on any other property such as second holiday home - buy to let property - stocks and share and a number of other items. There is a yearly allowance before tax is chargesd

This is complex and you will find more details on the Revenue and Customs.
13:51 Wed 10th Oct 2007
Avatar Image PrinceRainie
Annie is correct....you dont have to pay it on the sale of your principal residence.
16:32 Wed 10th Oct 2007

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