Tax consideration when selling a home.

A

acr2008

Guest
Last July, my partner and I moved into our home. It was a house constructed on a site I had received as a gift from from my mother.

Financial circumstances have forced me to put the house on the market.

Would anyone be able to give me a general idea of the type of tax liability I will face if I am successful in selling our home? Will I for example be liable for VAT?
 
You probably should talk to your solicitor - on the face of it, you may have no tax liabilities BUT when you ask about VAT, I wonder is there any possibility that you are confusing Income Tax, Capital Gains Tax and Capital Acquisitions Tax with VAT?

Is there any possibility that there could be a tax liability on the acquisition of the site?

mf
 
Thanks mf1, I could be confusing the different strands of taxation, its true.

I will definitely talk to my solicitor about the issue but before I look for the answers from him, I need to know the right questions to ask.

I did pay stamp duty at the time of receiving the site but I was told that there was no other tax liability.

Was this correct?

Is it still correct advice now that I'm selling?
 
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