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Cosmo	posted on 8th Nov 05 at 22:03
	quote: Originally posted by hitman2k is it 100% he will get taxed??? if its sold not threw estate agents??? well legally he will be taxed something. But if he isnt a financial genius he will get caught trying not to pay that much tax!
hitman2k	posted on 8th Nov 05 at 22:00
	is it 100% he will get taxed??? if its sold not threw estate agents???
Cosmo	posted on 8th Nov 05 at 21:58
	quote: Originally posted by Jamescorsa97 quote: Originally posted by Robbo I dont think time spent in a house has any relevance to a 2nd house :S This is true!! As long as the second property is sold he will be taxed on it at 40% because of the huge increase. It only matters if you actually live in it. [Edited on 08-11-2005 by Jamescorsa97] Im not sure how my dad does it then, but it was something like that :o
Jamescorsa97	posted on 8th Nov 05 at 21:54
	quote: Originally posted by Robbo I dont think time spent in a house has any relevance to a 2nd house :S This is true!! As long as the second property is sold he will be taxed on it at 40% because of the huge increase. It only matters if you actually live in it. [Edited on 08-11-2005 by Jamescorsa97]
hitman2k	posted on 8th Nov 05 at 21:40
	house was brought for about £24 k! about 18-20 years ago! selling for like £105ish! lived in property few years!.......... is over 30k tax if tax is 40%!! [Edited on 08-11-2005 by hitman2k]
Cosmo	posted on 8th Nov 05 at 21:37
	quote: Originally posted by Robbo I dont think time spent in a house has any relevance to a 2nd house :S No it does, my dad owns a few houses and he pays less taxes when he sells them by doing something like that, im not sure on the actual facts though.
Robbo	posted on 8th Nov 05 at 21:30
	I dont think time spent in a house has any relevance to a 2nd house :S
Cosmo	posted on 8th Nov 05 at 21:28
	quote: Originally posted by hitman2k quote: Originally posted by Cosmo has he ever lived in the other house? YES m8 not for a good while! I believe there is a certain amount of time that it has to of been lived in, or owned, before the tax goes down. He is best just speaking to an accountant or IFA though to be honest, they'll know the back doors!:thumbs:
Robbo	posted on 8th Nov 05 at 21:27
	Its called capital gains tax an yeah, he will have to pay some tax (possibly)... the original cost will be indexed up to todays prices (ie to take acocunt of inflation) then any proiceeds will be deducted... if that still above approx £8k (not sure what the exact limit is currently) and whatvers left will be taxed (presumably at 40% as he is presumably a higher rate payer per yr post) sorry...
hitman2k	posted on 8th Nov 05 at 21:24
	quote: Originally posted by Cosmo has he ever lived in the other house? YES m8 not for a good while!
Cosmo	posted on 8th Nov 05 at 21:22
	has he ever lived in the other house?
hitman2k	posted on 8th Nov 05 at 21:12
	Hiya asking for a m8! Is there away around this he doesn’t fancy paying 40% to tax man! Basically he owns 2 houses in his name and is selling one... is he liable For PTG? Also any ways around, it he doesn’t work! Due to health reasons is 55 years old! If u don’t have anything useful to say please don’t bother! Thx you any advice would be great full! He will be contacting accountant! 2mrw! [Edited on 08-11-2005 by hitman2k]