Hi all,
I bought an apartment off the plans a year ago for 265 k and they are selling for 320k now.
However, I am thinking of selling it now and getting another one for 305k.
Since its new and floor area less that 125 sq meters I would not have to pay stamp duty.
What is the position in regards to Capital Gains Tax? I understand that 55k would be the profit, but is it classed as profit even though it does not stay in my pocket?
What's estate agents and solicitors fees I am to pay if engaged in such a transaction?
Thanks
I bought an apartment off the plans a year ago for 265 k and they are selling for 320k now.
However, I am thinking of selling it now and getting another one for 305k.
Since its new and floor area less that 125 sq meters I would not have to pay stamp duty.
What is the position in regards to Capital Gains Tax? I understand that 55k would be the profit, but is it classed as profit even though it does not stay in my pocket?
What's estate agents and solicitors fees I am to pay if engaged in such a transaction?
Thanks