Hoping Against Hope

[Unicorn]

Hiya

I just wondered if anyone knew if proceeds from a property sale are taxed separately and your personal allowance is not used.

Hoping against hope, but..........................

Cheers

[El Cid]

The proceeds are not taxed, only the capital gain and there are exemptions for selling your permanent home esp, cially if you are over 65 or if you reinvest the proceeds in anothe permanent home.

Sid.

[Unicorn]

Nope, on every count. Not that age and it was a second place, although I am resident.............

[ashtondav]

...then as cid says you will pay tax on the capital gain over on the purchase price. If sold furnished and you have official receipts I think you can deduct that from the gain.