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taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience:  FCCA - over 40 years experience as a qualified accountant (UK based Practitioner)
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UK taxes From income and pensions plus dividend and profit

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UK taxesFrom income and pensions plus dividend and profit from sale of buy to let. Collectively will come to excess of £150,000.
I noted that level the tax take started to go up again
Profit on buy let is covered by CGT. Do I also pay income tax on the buy to let

Hello and welcome to JustAnswer. I am here to help you. I am reviewing your question and will respond to you shortly.
Many thanks

Thank you for your question.

You pay CGT and not income tax on gain made from sale of buy to let property. In the current tax year gains allowance is £12,000.

The gain is added to your other taxable income to determine what rate of CGT is appilcable as CGT is charged at 18%, 28% or a combination of both.

Only income attracts income tax.

My aim is to give you a professional service. I hope this is helpful and answers your question.

Please remember to rate my service by selecting the 5 stars at the top of the screen before you leave JA today. If you need more assistance, please use the reply box below and let me know. It has been my pleasure to assist you with your question.

 

Customer: replied 12 days ago.
Thank you i thought that was the answer

Thank you for your reply.

I hope this is helpful and answers your question.

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Customer: replied 12 days ago.
Does that mean that dividend is not classified as income as well. I note there is £2k allowance

Thak you fo ryour reply.

Dividends and interest are classified as income for income tax purposes.

Your get dividend allowance of £2,000 and £1000 persoanl savings allowance.

I thank you for accepting my answer.

Best wishes.

Customer: replied 12 days ago.
Thank you again

Your reward of a bonus is greatly appreciated.

Many thanks