Skip to main content Skip to footer

If I sell a second home, will I pay capital gains?

I have a second property which I am thinking of selling. Will I have to pay capital gains tax and what is the rate?

Asked on May 5 2013, Selling in Harpenden | Report content

Answers (3)

Was this question useful? Yes 0 No 0

Sort by: Oldest | Recent | Highest rated

  • You will be liable for the tax on the profit you have made on your home depending on your Income Tax rate. The rate is 18% and 28% for individuals. I would check with an accountant as you may be able to opt it as your main home and avoid the tax. There’s also an annual tax-free allowance (the Annual Exempt Amount), which for 2012 to 2013 is: £10,600 for individuals.

    Answered on May 6 2013, Report content
  • If possible make the house your 1st home and live in it for a while, then advise the Tax Office that it is your chosen family home which you live in. Then the gains are not taxable. 2nd. If you are making a loss on the second home, there would be no tax to pay, and you can deduct legal costs etc. from an Accountant.. advice. OK

    Answered on May 21 2013, Report content
  • Good advice there from Richard and Bon. You must speak with an accountant. There is also a good book available from the Tax Cafe on how to reduce your property tax.

    Answered on Aug 5 2013, Report content

Didn't find what you were looking for? Ask a question

More Selling in Harpenden questions on AskMe

See more AskMe Q&A about Selling