chanceanarm
Registered User
- Messages
- 14
Hi all,
just a quick query regarding my understanding of capital gains tax to be paid on a house if i sell.
I bought it 5 years ago for 50,000 pounds and no stamp duty as first time buyer. Solictor fees of 1,000 pounds
If i round the buying costs up to around 70,000 euro. ( 50,000 and 1,000 )
Then if i sell for 270,000 euro , I take the 70,000 from this sum to arrive at 200,000
I owe the taxman 20 percent of this ? i.e 40,000 euro.
These are ball park figures but have i missed out on anything simple. This was never my PPR, I always had this rented.
thanks for any replies.
D
just a quick query regarding my understanding of capital gains tax to be paid on a house if i sell.
I bought it 5 years ago for 50,000 pounds and no stamp duty as first time buyer. Solictor fees of 1,000 pounds
If i round the buying costs up to around 70,000 euro. ( 50,000 and 1,000 )
Then if i sell for 270,000 euro , I take the 70,000 from this sum to arrive at 200,000
I owe the taxman 20 percent of this ? i.e 40,000 euro.
These are ball park figures but have i missed out on anything simple. This was never my PPR, I always had this rented.
thanks for any replies.
D