What are the tax implications on the sale of a house please?
Hi MF. hank you for reply. I am not too sure what capacity the vendor is selling. I've placed an offer on a house and I am inteested to know the tax implication to the vendor. This is the information that I do know: The owner moved back to the former family home and decided to rent out what had been their ordinary residence (now occupied by tenants). They have now decided to sell the residence occupied by the tenants. ...... base don this information, I assume that CGT would apply to this situation?
Hi MF. hank you for reply. I am not too sure what capacity the vendor is selling. I've placed an offer on a house and I am inteested to know the tax implication to the vendor. This is the information that I do know: The owner moved back to the former family home and decided to rent out what had been their ordinary residence (now occupied by tenants). They have now decided to sell the residence occupied by the tenants. ...... base don this information, I assume that CGT would apply to this situation?