Advice required on Stoppage tax

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Thomas
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Advice required on Stoppage tax

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Post by Thomas »

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

13roman58
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Re: Advice required on Stoppage tax

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Post by 13roman58 »

You are allowed one tax free sale. Your option.

ozankoys
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Re: Advice required on Stoppage tax

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Post by ozankoys »

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.

Thomas
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Re: Advice required on Stoppage tax

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Post by Thomas »

Great

Thank you

Thomas

ozankoys
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Re: Advice required on Stoppage tax

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Post by ozankoys »

You are welcome it is so refreshing to get a thank you, it happens so infrequently on this board!

Laura B
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Re: Advice required on Stoppage tax

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Post by Laura B »

I have just sold also and wonder how and where I have to claim this exemption. Thanks in advance!

ozankoys
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Re: Advice required on Stoppage tax

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Post by ozankoys »

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.

Laura B
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Re: Advice required on Stoppage tax

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Post by Laura B »

Thanks ozankoys.

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