Robert Posted April 19, 2007 Share Posted April 19, 2007 When selling a property do you need to pay tax once the money hits your bank account? Im selling a flat and the solicitor says we will be completing the deal next friday and the money sent to me. Now i want to know when that money arrives in my account will i have to pay any tax or not? Sorry if it seems like a dumb question but its my first time selling. Link to comment Share on other sites More sharing options...
DaveK Posted April 19, 2007 Share Posted April 19, 2007 Assuming it was your primary residence (i.e. you lived in it) then no. If it was not your primary residence (i.e. you had two houses and are selling the other one) then yes - you will have to pay Capital Gains Tax, which is very complicated to work out! Link to comment Share on other sites More sharing options...
Ewen Posted April 19, 2007 Share Posted April 19, 2007 No you dont....normally. This may help. http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/TaxOnPropertyAndRentalIncome/DG_4016337 Link to comment Share on other sites More sharing options...
Charlotte Posted April 19, 2007 Share Posted April 19, 2007 Assuming it was your primary residence (i.e. you lived in it) then no. If it was not your primary residence (i.e. you had two houses and are selling the other one) then yes - you will have to pay Capital Gains Tax, which is very complicated to work out! Link to comment Share on other sites More sharing options...
Pabs Posted April 19, 2007 Share Posted April 19, 2007 good question - and good answers too Cheers peeps Link to comment Share on other sites More sharing options...
Robert Posted April 19, 2007 Author Share Posted April 19, 2007 thanks guys Link to comment Share on other sites More sharing options...
Getrag Posted April 19, 2007 Share Posted April 19, 2007 Is this a 2nd property? How long have you had it? I know its about 40% in Scotland after 3 years of ownership. Link to comment Share on other sites More sharing options...
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