Downsize of PPR : Need to declare ?
- Thread starter Perplexed
- Start date
M
mercman
Guest
As long as it was your main residence for 12 months or over you should not be liable for CGT. Don't worry the Revenue will fuind out as when your solicitor does your conveyance they will send your PPS number in with the details of the transaction.
If it's your PPR you sold you have no further obligations. It's the one thing you can buy and sell to your hearts content without paying taxes on.
If you have niggly feeling about the amount of money you have left over you could make a secret donation to Revenue
but there's no form for that.
If you have niggly feeling about the amount of money you have left over you could make a secret donation to Revenue
but there's no form for that.It was my PPR for more than 10yrs so I know there's no tax liability. Somebody told me though that it should have been declared - in the same way you declare eg foreign rental income even if there's no further liability on it. Just to keep the records straight.
Don't worry Rev got their share what with VAT on EA & solicitor & tax on any interest, dividends etc. I presume my solicitor did the conveyancing etc but I was never contacted by revenue. Is this notification enough for them ?
I'm not feeling guilty at all.......in fact I feel very lucky that I downsized at what was very near the peak of the market. Sold in less than 4wks. It would have been much more difficult now !
Don't worry Rev got their share what with VAT on EA & solicitor & tax on any interest, dividends etc. I presume my solicitor did the conveyancing etc but I was never contacted by revenue. Is this notification enough for them ?
I'm not feeling guilty at all.......in fact I feel very lucky that I downsized at what was very near the peak of the market. Sold in less than 4wks. It would have been much more difficult now !