tax
Sep 6th 2003, 8:29 am
#1
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Thread Starter
Joined: Aug 2003
Location: in adelaide and loving it
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tax
des came home from the pub the other night with a rumour that tax is going to be have to paid on profits u get from selling your house has anybody else heard of this
hope not, bad enough trying to sell with prospect of 90 ft mobile phone mast due to be erected only yards from the house!!
arlene
was smug in making a profit from the house, smile now wiped off our faces
hope not, bad enough trying to sell with prospect of 90 ft mobile phone mast due to be erected only yards from the house!!
arlene
was smug in making a profit from the house, smile now wiped off our faces
Sep 6th 2003, 10:41 am
#2
New South Welshie
Joined: Sep 2003
Location: Up in the Hills
Posts: 282
Not sure on that one.
I think what they mean is Capital Gains Tax which is also referred to as the rich man's tax. I believe it's payable on the sale of an investment such as a shares or a business. I'm not entirely sure if it applies to the sale of a home.
If so, it could be quite a sting for us too............about 30%
I think what they mean is Capital Gains Tax which is also referred to as the rich man's tax. I believe it's payable on the sale of an investment such as a shares or a business. I'm not entirely sure if it applies to the sale of a home.
If so, it could be quite a sting for us too............about 30%
Sep 6th 2003, 12:23 pm
#3
(It's not my real name)
Joined: Sep 2002
Location: Ilukapool. WA
Posts: 12,467
Re: tax
Originally posted by arlene
des came home from the pub the other night with a rumour that tax is going to be have to paid on profits u get from selling your house has anybody else heard of this
hope not, bad enough trying to sell with prospect of 90 ft mobile phone mast due to be erected only yards from the house!!
arlene
was smug in making a profit from the house, smile now wiped off our faces
des came home from the pub the other night with a rumour that tax is going to be have to paid on profits u get from selling your house has anybody else heard of this
hope not, bad enough trying to sell with prospect of 90 ft mobile phone mast due to be erected only yards from the house!!
arlene
was smug in making a profit from the house, smile now wiped off our faces
If it is your main residence in the UK you don't have to pay CGT when you sell it in the UK. If it isn't your main residence then you do.
If you keep it on and rent it out when you emigrate (to Oz anyway, don't know about NZ) then you sell it within 12 months of arriving you don't have to pay CGT in Oz.
If you sell it after 12 months in Oz you pay CGT on the amount it has gone up since you moved out. The CGT you have to pay is about 23% of the amount it went up.
