selling private residence & CGT

T

toby111

Guest
I am selling my only house and my query is do I have to buy another house with the money or can I do what I like with it. Is the capital gained subject to tax?
 
Kitty Kat said:
CGT is only applicable if your home is on more than an acre of land.
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True in 99% of cases but not all. If the value of the site reflects a possibility of further development, then CGT may arise. Get professional advice if this is an issue.
 
so even if its your PPR that is sitting on more than an acre of country land you're subject to CGT on its sale?
 
Afraid so, and the development issue is a completly seperate issue, the development one is that you only get PPR CGT relief on the acquired value that would have been obtained if the home was sold as a residency.

PPR CGT relief is granted on your home where it and the grounds were occupied by the owner as his/her ppr up to a maximum site of one acre (excluding the actual site that the bricks & mortar sits on).
 
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