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JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 10654
Experience:  30 years as a practising solicitor.
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My husband and I purchased a property I. 2001 for £55,000 and

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My husband and I purchased a property I. 2001 for £55,000 and sold it sept 2014 for 112,500. Obviously there are selling costs and a little capital costs over the years. First capital gain ever for both of us. Will the house be indexed linked over the 13 years or will we have to pay cut on sale price less personal allowances
Submitted: 2 years ago.
Category: Law
Expert:  JGM replied 2 years ago.
Thank you for your question.
Unfortunately there is no indexation on the sale of a heritable property. You will pay tax based on the value at purchase deducted from the value at sale less costs and personal allowances.
I hope this helps.
Please leave a positive response so that I am credited for my time.
JGM, Solicitor
Category: Law
Satisfied Customers: 10654
Experience: 30 years as a practising solicitor.
JGM and 2 other Law Specialists are ready to help you
Customer: replied 2 years ago.
This is not a heritable property it is a purchased property, did you ready my question!
Expert:  JGM replied 2 years ago.
A heritable property is a house. Is that what you are referring to?
Expert:  JGM replied 2 years ago.
You have left an adverse rating when your question was answered correctly. What further information do you require?

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