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I am selling my flat for £230,000 how much capital gain tax do I have to pay?

I am selling my flat for £230,000 and I want to buy a house for £304,000, how much capital gain tax do I have to pay?

Asked on Dec 25 2012, General in London | Report content

Answers (1)

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  • The fact that you are buying a house has absolutely nothing to do with whether you have to pay capital gains tax on the flat that you are selling. If you have been resident in the flat up until now, or, if the flat was your primary residence and then you moved out fewer than 3 years before you sold it, you don't have to pay any capital gains tax. Otherwise, if you have never lived in it, then you would have to take the difference between the selling price and what you originally paid for it, and that's the amount on which you'd have to pay cap gains - which is, I think, around 20%.

    Answered on Dec 26 2012, Report content

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