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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10585
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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Hi We bought our property 14 years ago part exachange for

Resolved Question:

Hi
We bought our property 14 years ago part exachange for a house we paid 18000 for at the time the property was a boarding kennels and cattery no living accom on sit over the years we have applied for permission to build lent money and built it has taken many years as the land is greenbelt. The kennels and cattery have been closed for over 18 months due to legislation changes that you could say put me out of business. I need to sell up now to get me out of the debt incurred and move on, there is no business here and it is just residential now, in my opinion as planning have said if i ever wanted to reopen the boarding business that i would need to reapply for permission. Can you advise what tax i would pay if any on the sale of the property sale, someone said I would pay 40 percent of the sale price someone else said i would pay 40 percent of the purchase price someone else said nonsense! the property is going to be valued at 550000
Submitted: 3 years ago.
Category: Law
Expert:  Aston Lawyer replied 3 years ago.
Hello and thanks for using Just Answer.
My name is ***** ***** am happy to assist you with your enquiry.
Provided you are living in the property, there will be absolutely no tax for you to pay upon any sale.
As you have said, the Sale would be a residential sale and hence no tax is payable. In such circumstances, the only potential tax payable is Capital Gains Tax, but this is only relevant if this were a second home or you weren't living at the property.
I hope this assists and puts your mind at rest.
Kind Regards
AL
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