RazMan
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| posted on 1/9/06 at 11:04 PM |
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Capital Gains Tax?
I'm thinking about down-sizing from my present home which has trebled in price in the last 10 years - clear the mortgage and buy a smaller house
(but with a larger garage )
If I do this will I be liable to 40% capital gains tax  even though it is my only home?
Cheers,
Raz
When thinking outside the box doesn't work any more, it's time to build a new box
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mookaloid
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| posted on 1/9/06 at 11:37 PM |
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no 
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chockymonster
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| posted on 1/9/06 at 11:46 PM |
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quote:
Originally posted by RazMan
If I do this will I be liable to 40% capital gains tax even though it is my only home?
Primary residence isn't subject to CGT
PLEASE NOTE - Responses on Forum Threads may contain Sarcasm and may not be suitable for the hard of Thinking.
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RazMan
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| posted on 2/9/06 at 07:11 AM |
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Oooohh I feel a winter project coming on!  Thanks guys
Cheers,
Raz
When thinking outside the box doesn't work any more, it's time to build a new box
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StevieB
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| posted on 2/9/06 at 12:31 PM |
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You only pay CGT on investments - as long it's your registered home you don't pay (I know someone who moves on a regular basis to keep
making money from property development and avoiding CGT)
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RazMan
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| posted on 2/9/06 at 03:26 PM |
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Now there's an idea! I could move every year or two, cash in on the profit from the sale and finance yet another kit car project! mmmmm this
year was an Aeon, next year could be an Ultima with that 5.7 litre Chevvy that I've always fancied.
Cheers,
Raz
When thinking outside the box doesn't work any more, it's time to build a new box
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StevieB
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| posted on 3/9/06 at 03:35 PM |
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To make it effective, you've got to be moving house as soon as the construction is complete. Not something for the family man - moving every 6
to 12 months and living effectively in a building site!
Having said that, the guy I know drives a TVR Tuscan and has a holiday after each house is sold (probably to relax in a non-building site before
starting again!)
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JoelP
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| posted on 3/9/06 at 05:20 PM |
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Im sure you could bend the law a little and actually live in a normal house in the missus' name and transfer your post and bank accounts etc
around the development houses. I believe they are wising up to this one though, as obviously there are a lot of young developers making a fortune and
paying no tax.
For good advice on all housing matters (or indeed anything money wise), visit http://singingpig.co.uk
more specifically :
http://www.singingpig.co.uk/forums/?GroupID=10
[Edited on 3/9/06 by JoelP]
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dilley
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| posted on 3/9/06 at 09:16 PM |
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Exactly what I do!!
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