Very Quick Tax Return Question
Very Quick Tax Return Question
Author
Discussion

pontypool

Original Poster:

615 posts

269 months

Friday 25th January 2008
quotequote all
Appreciate that if I search around the answer is out there, but am running out of time!!

Do I have to put down in the Cap Gains section of the return the fact I sold my house, even though as my only and primary residence there will be no CGT to pay?

Cheers!

944gav

157 posts

250 months

Friday 25th January 2008
quotequote all
No - The sale of your house does not need to be reported in the return if it is and always has been (for the time you have owned it) your only home.

Eric Mc

125,784 posts

295 months

Saturday 26th January 2008
quotequote all
I presume therefore that the house has only ever been your main residence?

pontypool

Original Poster:

615 posts

269 months

Saturday 26th January 2008
quotequote all
yes it's only ever been my main residence....completed in May 06 and it was my first house so never had to think about any tax reporting implications before...but by the sounds of it there is none smile

Eric Mc

125,784 posts

295 months

Saturday 26th January 2008
quotequote all
The main residence has always been exempted from Capital Gains Tax.