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Tax on Selling a House
12 Answers
We rent out a house, if we sold it how much tax would we have to pay, also if I left this house to family when I die would they have to pay tax on it if so could someone give me some idea where I could find out this information.
Answers
As Helen says. The current rate of CGT is 18% for standard tax payers, but there is an initial allowance of £10,000 and you can also take off any expenses in preparing the house for market and selling it.
ie. If you sell a house for £150,000 that cost you £100,000 and it cost you £5000.00 in expenses to sell, then you would pay 18% of £35,000 = £6,300.
ie. If you sell a house for £150,000 that cost you £100,000 and it cost you £5000.00 in expenses to sell, then you would pay 18% of £35,000 = £6,300.
10:08 Fri 10th Jun 2011
As Helen says. The current rate of CGT is 18% for standard tax payers, but there is an initial allowance of £10,000 and you can also take off any expenses in preparing the house for market and selling it.
ie. If you sell a house for £150,000 that cost you £100,000 and it cost you £5000.00 in expenses to sell, then you would pay 18% of £35,000 = £6,300.
ie. If you sell a house for £150,000 that cost you £100,000 and it cost you £5000.00 in expenses to sell, then you would pay 18% of £35,000 = £6,300.
You are welcome
This is a useful calculator
http://www.which.co.u...gains-tax-calculator/
And if you do sell, don't forget to keep every single invoice for anything you pay out!!
This is a useful calculator
http://www.which.co.u...gains-tax-calculator/
And if you do sell, don't forget to keep every single invoice for anything you pay out!!