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TaxRobin
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 15609
Experience:  International tax
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WHAT IS The rate gains tax when selling a house

Customer Question

WHAT IS The rate for capital gains tax when selling a house in Scotland? I have been given thed house but did not buy it originally. We are selling to help buy into a retirement complex for the elderly former owners who gave it to me. This is a rather urgent question as I need to know the rate of tax and whether I WOULD BE LIABLE AND WHEN.
Submitted: 2 years ago.
Category: Tax
Expert:  TaxRobin replied 2 years ago.
Hello,There are now two rates of CGT for individuals - a standard rate of 18% and a higher rate of 28%. The rate of CGT payable on gains depends on the level of the individual’s taxable income and gains for the tax year.The higher rate would be on gains where an individual has total taxable income and gains for the tax year of more than the basic rate band for income tax. For 2015–16 is set at £31,785. Where an individual’s total taxable income and gains are up to £31,785 the standard rate of 18% applies.If you do not normally complete a return, or have not received a tax return or letter from HM Revenue & Customs, you will need to notify them of your liability to pay CGT, by the 5 October following the end of the tax year. You would not pay until you file so the tax would not be due immediately.