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bigduckontax
bigduckontax, Accountant
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Recently sold my house do I have to pay tax on profit of

Resolved Question:

recently sold my house do I have to pay tax on profit of £110.000
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.

Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question.

I have assumed that this house was your sole or main domestic residence. In that case, although the profit is liable to Capital Gains Tax (CGT), you are entitled to Private Residence Relief (PRR) which relieves CGT at 100%. PRR is given automatically and the gain does not need to be declared on your annual self assessment tax return, if indeed you need to make one. The majority of UK taxpayers do not need to make a return.

I do hope that I have been able to set your mind at rest on this matter.

bigduckontax and other Tax Specialists are ready to help you
Expert:  bigduckontax replied 1 year ago.

Thank you for your support.