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By (user no longer on site) OP
over a year ago
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"Think it's something like 8percent up to 20 odd k then 11 percent after that, Google will confirm. "
hey done that. I want to find out if the purchase price is at time of purchase or is it purchase price plus mortgage payments until time of sale.
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"Think it's something like 8percent up to 20 odd k then 11 percent after that, Google will confirm. hey done that. I want to find out if the purchase price is at time of purchase or is it purchase price plus mortgage payments until time of sale. "
So this is a house you are selling and it's not your main residence? Then you will pay CGT on the difference between what you paid for it at the time of purchase and what you sold it for. Mortgage payments have got nothing to do with it because, in principle, your mortgage payments are what you owe the bank to cover the purchase price. The next thing is whether you are a basic rate tax payer or a higher rate tax payer. Higher rate tax payer and you will be paying 28%. If it is your main residence then you don't pay CGT on the profit. |
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By (user no longer on site) OP
over a year ago
|
"Think it's something like 8percent up to 20 odd k then 11 percent after that, Google will confirm. hey done that. I want to find out if the purchase price is at time of purchase or is it purchase price plus mortgage payments until time of sale.
So this is a house you are selling and it's not your main residence? Then you will pay CGT on the difference between what you paid for it at the time of purchase and what you sold it for. Mortgage payments have got nothing to do with it because, in principle, your mortgage payments are what you owe the bank to cover the purchase price. The next thing is whether you are a basic rate tax payer or a higher rate tax payer. Higher rate tax payer and you will be paying 28%. If it is your main residence then you don't pay CGT on the profit. "
Hi Mark, not main residence. By higher tax rate payer are you taking income of excess of what? |
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By (user no longer on site)
over a year ago
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"Think it's something like 8percent up to 20 odd k then 11 percent after that, Google will confirm. hey done that. I want to find out if the purchase price is at time of purchase or is it purchase price plus mortgage payments until time of sale.
So this is a house you are selling and it's not your main residence? Then you will pay CGT on the difference between what you paid for it at the time of purchase and what you sold it for. Mortgage payments have got nothing to do with it because, in principle, your mortgage payments are what you owe the bank to cover the purchase price. The next thing is whether you are a basic rate tax payer or a higher rate tax payer. Higher rate tax payer and you will be paying 28%. If it is your main residence then you don't pay CGT on the profit. Hi Mark, not main residence. By higher tax rate payer are you taking income of excess of what? "
£45k - £150k a year |
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"I thought it was over 33500? Or is it 33500 plus the tax free allowance?"
Personal allowance is how much you can earn withouit being taxed. You can then earn up to £33,500 before you hit the higher rate tax bracket. So yes, effectively the higher rate starts at around £46,500. Although that can be adjusted downwards depending on what kind of benefits in kind you have through work. |
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