Tax liabilities for UK property when we sell ??????
Oct 3rd 2016, 8:29 pm
#16
Joined: Sep 2008
Posts: 12,830
Re: Tax liabilities for UK property when we sell ??????
Of course you are making a gain. You sell for more than you piad, there is a gain, regardless of how you apply the proceeds. You can offset CGT against capital losses, but not against a mortgage, which is just a loan.
Oct 3rd 2016, 9:23 pm
#17
BE Forum Addict
Joined: Dec 2012
Location: British Columbia
Posts: 3,263
Re: Tax liabilities for UK property when we sell ??????
The other thing you can do is to make RRSP contributions. This helped us. Depends what your limit is. We hadn't made any up to last year so it was a good opportunity to do so.
S
S
Oct 4th 2016, 5:13 am
#18
Forum Regular
Joined: Apr 2012
Posts: 43
Re: Tax liabilities for UK property when we sell ??????
Thanks for to all for your answers.
