Do you have to pay Capital Gains Tax when selling your property

30th September 2014 by

With house prices on the increase selling your home might look like a great idea.  Most people are unaware that when selling a home you may have to pay tax on the profit made from the sale, particularly when you together with your spouse or partner have more than one, or are fortunate enough to split your time between a town and country residence.  The rate depends on the amount of profit you make on the sale and whether you pay tax at the basic rate or are a higher rate taxpayer. If you pay tax at the lower rate the capital gain will be taxed at 18%, and if at the higher rate, the gain will suffer tax at the rate of 28%. Continue reading →