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Money left over from house sale

solarforce Avatar
6y, 2w agoPosted 6 years, 2 weeks ago
If I sell my house which is my only home and I don't buy another property is the money that I have earned taxed or do you keep all the money
solarforce Avatar
6y, 2w agoPosted 6 years, 2 weeks ago
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[mod]#1
It is not taxed. However, it could be taxed for any onward transaction.
[mod]#2
If you used it as a home then no tax needs to be paid. :)
#3
What's the best way to invest the money if I was to wait 12 to 24 months before purchasing another house
5 Likes #4
solarforce
What's the best way to invest the money if I was to wait 12 to 24 months before purchasing another house


by leaving it ontop of your car and driving off...

*please note this method may lose your money*
[mod]#5
solarforce
What's the best way to invest the money if I was to wait 12 to 24 months before purchasing another house


Despite interest rates being low, is it worth risking it.

Whilst it is proportionate (cheaper properties means you receive less and pay less) are you not keen on getting back on the property ladder?
#6
All on black? double or quits!
#7
I thought you had to pay capital gains unless you put it on another property... or is that just if you sell a second home?
[mod]#8
Penny Saver
I thought you had to pay capital gains unless you put it on another property... or is that just if you sell a second home?


Only if you you buy to sell or for business and wasn't used as your home.
#9
Syzable
Penny Saver
I thought you had to pay capital gains unless you put it on another property... or is that just if you sell a second home?


Only if you you buy to sell or for business and wasn't used as your home.


So if I buy a second home NOW, rent it out for 30 years, then sell this one we live in, and move straight into the previously rented one, would I be able to keep all the proceeds from the sale of this house? I was thinking this would be our best bet pension-wise, until capital gains occurred to me...
[mod]#10
Penny Saver
Syzable
Penny Saver
I thought you had to pay capital gains unless you put it on another property... or is that just if you sell a second home?


Only if you you buy to sell or for business and wasn't used as your home.


So if I buy a second home NOW, rent it out for 30 years, then sell this one we live in, and move straight into the previously rented one, would I be able to keep all the proceeds from the sale of this house? I was thinking this would be our best bet pension-wise, until capital gains occurred to me...


Yes :) But in 30 years time i'm sure the government will probably have introduced a 50% house sale tax. lol
1 Like #11
Syzable
Penny Saver
Syzable
Penny Saver
I thought you had to pay capital gains unless you put it on another property... or is that just if you sell a second home?


Only if you you buy to sell or for business and wasn't used as your home.


So if I buy a second home NOW, rent it out for 30 years, then sell this one we live in, and move straight into the previously rented one, would I be able to keep all the proceeds from the sale of this house? I was thinking this would be our best bet pension-wise, until capital gains occurred to me...


Yes :) But in 30 years time i'm sure the government will probably have introduced a 50% house sale tax. lol


This is true, but I am also hoping that climate change has increased the overall average temperature to a decent enough level for me to live on the streets, rent and tax free. Or I'll take out an MP or two and have full board in a nice cosy prison somewhere.
[mod]#12
Penny Saver
Syzable
Penny Saver
Syzable
Penny Saver
I thought you had to pay capital gains unless you put it on another property... or is that just if you sell a second home?


Only if you you buy to sell or for business and wasn't used as your home.


So if I buy a second home NOW, rent it out for 30 years, then sell this one we live in, and move straight into the previously rented one, would I be able to keep all the proceeds from the sale of this house? I was thinking this would be our best bet pension-wise, until capital gains occurred to me...


Yes :) But in 30 years time i'm sure the government will probably have introduced a 50% house sale tax. lol


This is true, but I am also hoping that climate change has increased the overall average temperature to a decent enough level for me to live on the streets, rent and tax free. Or I'll take out an MP or two and have full board in a nice cosy prison somewhere.


I like your thinking.............excellent. :D
#13
Technically you may have to pay tax if you're married and your partner also has a house of their own, but unlikely to have to pay any tax. Invest safely, £50k cover per bank for example.
#14
Benjimoron
Technically you may have to pay tax if you're married and your partner also has a house of their own, but unlikely to have to pay any tax. Invest safely, £50k cover per bank for example.

Good point will keep this in mind
#15
magicjay1986
solarforce
What's the best way to invest the money if I was to wait 12 to 24 months before purchasing another house
Despite interest rates being low, is it worth risking it.Whilst it is proportionate (cheaper properties means you receive less and pay less) are you not keen on getting back on the property ladder?

I don't need to be on the property ladder, ( long story) but I'm living long term rent free ( not prison) I'm interested in buying a property to rent out but want to take my time and pick wisely, so I'm looking at investing it for 12 months or so until I have it clear in my mind where and what to buy.
banned#16
solarforce
magicjay1986
solarforce
What's the best way to invest the money if I was to wait 12 to 24 months before purchasing another house
Despite interest rates being low, is it worth risking it.Whilst it is proportionate (cheaper properties means you receive less and pay less) are you not keen on getting back on the property ladder?

I don't need to be on the property ladder, ( long story) but I'm living long term rent free ( not prison) I'm interested in buying a property to rent out but want to take my time and pick wisely, so I'm looking at investing it for 12 months or so until I have it clear in my mind where and what to buy.


Good job you confirmed that point. I was just about to start a "How Come Prisoners Can Log On To HUKD - ON MY TAXES" thread!
1 Like #17
Try http://www.moneysupermarket.com/savings/
Dont forget to fill up any ISA allowance you have (cash) & also if you tie in for 2 - 3 years then need the money there can be big penalties so be sure before buying any longer term bonds. Nationwide look the best bet atm on a flexible savings account & then you can be ready to pounce when a bargain property comes onto the market.
#18
Thanks for the link Rosiegirl

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