Tax on new Builds
Jun 28th 2005, 9:36 am
#1
Forum Regular
Thread Starter
Joined: Feb 2003
Location: Essex, England
Posts: 67
Tax on new Builds
Does anyone know what the tax implications are when selling a brand new house that has not been lived in are? I've been told that you have to pay 100% capital gains tax, surely this can't be true!!!!!!!!!!!!!! :scared: :scared:
Please any help be really appreciated.
Please any help be really appreciated.
Jun 28th 2005, 6:18 pm
#2
Forum Regular
Thread Starter
Joined: Feb 2003
Location: Essex, England
Posts: 67
Re: Tax on new Builds
Anybody out there!!!!!!!!!!!!!!!!!!!!1
Jun 28th 2005, 6:33 pm
#3
Bright in Orange
Joined: Nov 2004
Location: Orange, NSW
Posts: 515
Re: Tax on new Builds
Do you mean on a house in the UK?
If so as you have not lived in it as your main residence you will have to pay CGT on the gain, but not at 100%. However if it is brand new you may not make much of a gain and you will have an annual allowance, as well as things you can offset against the gain (eg costs of sale). The inland revenue site can be quite helpful and have a fact sheet on CGT and property- suggest you have a look.
Unfortunately do not have a clue yet on the tax position in Oz - but hope to become acquainted soon!
If so as you have not lived in it as your main residence you will have to pay CGT on the gain, but not at 100%. However if it is brand new you may not make much of a gain and you will have an annual allowance, as well as things you can offset against the gain (eg costs of sale). The inland revenue site can be quite helpful and have a fact sheet on CGT and property- suggest you have a look.
Unfortunately do not have a clue yet on the tax position in Oz - but hope to become acquainted soon!
