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HM Accountax Ltd
HM Accountax Ltd, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 474
Experience:  I am an accountancy professional with more than10 years hand on experience in audit, accountancy and tax affairs.
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I would like to understand my tax implications of selling a

This answer was rated:

I would like to understand my tax implications of selling a property
JA: Where are you? It matters because laws vary by location.
Customer: england uk
JA: What steps have you taken so far?
Customer: None
JA: Anything else you want the Lawyer to know before I connect you?
Customer: No

Hi,

I am an advisor at JA and happy to assist you.

If you sell a property then the gain on disposal will be subject to capital gains tax. If the property was your main residence then you'll be able to claim relief whihc will reduce your capital gains tax liability.

I hope this answers the query.

If you have any further queries then please feel free to contact me.

Regards

HMAT

Customer: replied 21 days ago.
I use to live in the property but don’t anymore for approximately 3 years and the land registry has my name and mew address on it
Customer: replied 21 days ago.
If I am looking to sell it should I be changing it back to my original address

No, need to do that

Customer: replied 21 days ago.
Okay why would I not need to change that ?

when you'll dispose off the property, the land registry will be transferred to the new owner

Customer: replied 20 days ago.
What kind of reliefs am I looking at and will I need to prove I lived there ? The property was inherited but I am now legal owner of it and have been through probate etc and didn’t pay any inheritance tax

If you lived in the property then you are eligible for Principal private residence relief. Yes, if required then you need to provide evidence that you lived there.

Customer: replied 20 days ago.
I was born and lived with my parents until I got married what kind of evidence would I need to provide

See you can claim the PPR for the period property was in your name and you lived there

Customer: replied 20 days ago.
Can I do the call another time ?

sure

Customer: replied 20 days ago.
The property wasn’t under my name until my parents passed away but that was my main residence does that qualify for ppr relief
Customer: replied 20 days ago.
I also am a joint owner on the property

No, it only qualify for PPR for the period you live while you own the house.

HM Accountax Ltd and other Tax Specialists are ready to help you

I am phoning you but its not going through

Customer: replied 15 days ago.
Hi I spoke to you and was told that nothing can be done about CGT and have been advised that I dont have to pay
Customer: replied 15 days ago.
Its conflicting advice and not happy that I had to pay £40

What is the conflicting advice? could you please provide more details about it

Customer: replied 15 days ago.
The advice is that I can As I was owner since 2017 and the value at that time would be my cost price
Customer: replied 15 days ago.
any gain I would pay not from purchase price of when I didnt own it

Yes, the value at the time you inherited the property will be base cost for CGT

Customer: replied 15 days ago.
when I said that to u gave me the wrong advice
Customer: replied 15 days ago.
I explicitly asked u

Why would i give you wrong advice? These are tax rules.

Customer: replied 15 days ago.
You didnt tell me this rule u said I would pay tax on all the gain so the wrong advice is there a way for me to complain and get the cost of phone call back

I standard firm and disagree to what you are saying. I didn't give you any wrong advice. However, if its about getting refund then please contact customer services and they'll refund you.

Customer: replied 15 days ago.
How can you stand firm when you just gave me conflicting advice about the rules
Customer: replied 15 days ago.
You told me that the gain would be subject to CgT from the purchase price I told u lived with parents prior to owning it u didnt mention once inherited that would be used as the bases for CGt hence conflicting and omitting

I am not commenting any further. Please contact customer services and they'll refund you

Customer: replied 15 days ago.
I will as I am not happy with this

All the best.