Advice required on Stoppage tax
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- Kibkommer
- Posts: 169
- Joined: Mon 13 Jun 2016 2:12 pm
Advice required on Stoppage tax
I think I have just sold my first property and in 16 years maybe made a profit of about £10,000
So do I pay tax on that or not if so how much.
Many thanks
Thomas
So do I pay tax on that or not if so how much.
Many thanks
Thomas
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- Kibkommer
- Posts: 1871
- Joined: Sat 09 Feb 2013 9:29 am
Re: Advice required on Stoppage tax
You are allowed one tax free sale. Your option.
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- Kibkommer
- Posts: 2109
- Joined: Sun 19 Aug 2012 7:24 am
Re: Advice required on Stoppage tax
It is not about how much you have made it is a % on the contract value or the valuation the Land Registry put on it.
As said by 13Roman you have a one-off exemption so if you are buying a more expensive property then do not use it now, but if you do not intend to buy again then claim it for this sale.
As said by 13Roman you have a one-off exemption so if you are buying a more expensive property then do not use it now, but if you do not intend to buy again then claim it for this sale.
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- Kibkommer
- Posts: 169
- Joined: Mon 13 Jun 2016 2:12 pm
Re: Advice required on Stoppage tax
Great
Thank you
Thomas
Thank you
Thomas
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- Kibkommer
- Posts: 2109
- Joined: Sun 19 Aug 2012 7:24 am
Re: Advice required on Stoppage tax
You are welcome it is so refreshing to get a thank you, it happens so infrequently on this board!
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- Kibkommer
- Posts: 776
- Joined: Fri 26 Jun 2015 4:08 pm
Re: Advice required on Stoppage tax
I have just sold also and wonder how and where I have to claim this exemption. Thanks in advance!
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- Kibkommer
- Posts: 2109
- Joined: Sun 19 Aug 2012 7:24 am
Re: Advice required on Stoppage tax
The taxes are paid when the property is transferred to the new owner. If you are in the country you will go to the tax office to pay yourself or you can authorise your POA to do it on your behalf.
They can tell from their computers whether you have already claimed your one off exemption & if not will give you the option of claiming it then or deferring it for a subsequent sale.
They can tell from their computers whether you have already claimed your one off exemption & if not will give you the option of claiming it then or deferring it for a subsequent sale.
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- Kibkommer
- Posts: 776
- Joined: Fri 26 Jun 2015 4:08 pm
Re: Advice required on Stoppage tax
Thanks ozankoys.