Hi,

We're thinking of selling our house and moving to Ireland.
We expect to make 100k profit on our house from when we bought it.
Will we have to pay capital gains tax on the profit?
We will be using the profit to finance a new home in Ireland?

Thanks,
John

wrote:
Hi,

We're thinking of selling our house and moving to Ireland.
We expect to make 100k profit on our house from when we bought it.
Will we have to pay capital gains tax on the profit?
We will be using the profit to finance a new home in Ireland?

Thanks,
John

Not if it's your main residence IIRC

wrote:
Hi,

We're thinking of selling our house and moving to Ireland.
We expect to make 100k profit on our house from when we bought it.
Will we have to pay capital gains tax on the profit?


Not if it is your main residence

wrote:
Hi,

We're thinking of selling our house and moving to Ireland.
We expect to make 100k profit on our house from when we bought it.
Will we have to pay capital gains tax on the profit?

Generally, no, but it depends upon the exact circumstances. See
http://www.direct.gov.uk/MoneyTaxAndBenefits/Taxes/TaxOnPropertyAndRentalIncome/TaxOnRentalIncomeArticles/fs/en?CONTENT_ID=4020890&chk=0VsubU

In message .com,
writes

We're thinking of selling our house and moving to Ireland.
We expect to make 100k profit on our house from when we bought it.
Will we have to pay capital gains tax on the profit?
We will be using the profit to finance a new home in Ireland?

As far as I know, profit from the sale of your primary residence is
exempt from CGT, only if you have a second home to sell do you get
clobbered.
--
Andrew Sinclair http://www.smellycat.org

wrote:
Hi,

We're thinking of selling our house and moving to Ireland.
We expect to make 100k profit on our house from when we bought it.
Will we have to pay capital gains tax on the profit?
We will be using the profit to finance a new home in Ireland?

Thanks,
John

if it's your main residence, no.

if it's your main residence and you've lived there less than 12 months, yes.

On Sat, 08 Jul 2006 10:27:22 GMT, "." wrote:

wrote:
Hi,

We're thinking of selling our house and moving to Ireland.
We expect to make 100k profit on our house from when we bought it.
Will we have to pay capital gains tax on the profit?
We will be using the profit to finance a new home in Ireland?

Thanks,
John

if it's your main residence, no.

if it's your main residence and you've lived there less than 12 months, yes.


Also if you've ever rented it out for more than 3 years, yes.

marvelus wrote:
On Sat, 08 Jul 2006 10:27:22 GMT, "." wrote:


wrote:

Hi,

We're thinking of selling our house and moving to Ireland.
We expect to make 100k profit on our house from when we bought it.
Will we have to pay capital gains tax on the profit?
We will be using the profit to finance a new home in Ireland?

Thanks,
John

if it's your main residence, no.

if it's your main residence and you've lived there less than 12 months, yes.



Also if you've ever rented it out for more than 3 years, yes.

Unless it was to a relative. IIRC those who bought their parents'
council flats under the right to buy scheme had relief or exemption from
CGT if the parent(s) stayed on as tenants.

On Sun, 09 Jul 2006 11:02:43 GMT, Stuart Noble
wrote:

marvelus wrote:
On Sat, 08 Jul 2006 10:27:22 GMT, "." wrote:


wrote:

Hi,

We're thinking of selling our house and moving to Ireland.
We expect to make 100k profit on our house from when we bought it.
Will we have to pay capital gains tax on the profit?
We will be using the profit to finance a new home in Ireland?

Thanks,
John

if it's your main residence, no.

if it's your main residence and you've lived there less than 12 months, yes.



Also if you've ever rented it out for more than 3 years, yes.

Unless it was to a relative. IIRC those who bought their parents'
council flats under the right to buy scheme had relief or exemption from
CGT if the parent(s) stayed on as tenants.

Quite.

But actualy I think I should have said that if it wasnt your main
residence for more than 3 years. You could have rented it out or left
it empty for 3 years to get hit.