Do I have to pay Capital Gains Tax on the proceeds of a property sale?

Question

And if so, how much?

Answer 1

Goodness me!  That's the 64,000 dollar question. (I'm definitely English so please forgive the usage of American currency in my last comment. Capital gains tax is so complex, that I could fill this little box and more besides and go on forever.

Generally speaking, (which I am sure you are aware)  if you have made a gain on an asset, it is the gain which is taxed and not the amount you get overall. There are lots of rules and regulations and payment of CGT is influenced by your particular situation. For example, you may not have to pay CGT if;  Throughout the period that you owned it, it was your only home. You did actually use it as your home all the time that you owned it. Throughout the period that you owned it, you did not use it for any purpose other than as a home for yourself, your family and no more than one lodger. The house and garden do not exceed 5,000 square metres (about one and a quarter acres - roughly the size of a football pitch).

Do be aware though, if you decide to sell the property at less than its true market value, there could be severe consequences for you or family members, should you (and may it never happen) ever have to go bankrupt. have a look at the Inland revenue site below. It should tell you everything you need to know.  

Answer 2

Yes. Unless it is your primary residence. CGT is 18% but you have a nil band allowance. I am not sure what the exact figure is but it's about £10k.  

Answer 3

Need more info: what use was the property put to, what did you pay for it and when, what are you getting for it and when is the sale?

EDIT: If you have always lived in it, you will not have to pay CGT.

Answer 4

Here you go: http://www.direct.gov.uk/en/MoneyTaxAndB...

Answer 5

CGT is 18%.

It will not be payable if it is your only residence and you have lived there/owned it for at least 12 months.