capital gains tax

[robbin58]

i sold my house, where me and my mother owned for 2 years, less 2 weeks... will i owe capital gains if i bought a new house, and used up alll my profit.

[dzug]

Depends if you lived in it or not.

If you lived in it then there is no capital gains tax whatever you do with the proceeds.

If you didn't live in it then there there is potentially capital gains tax, again whether or not you buy another property. There are various exemptions and allowances so you might land up paying little or nothing. Take advice if this is the case.

[rashah]

Have a look at this:

http://www.hmrc.gov.uk/pensioners/capitalgains tax.htm