Selling house - how does tax work?

Posted by: JudeCR on 06 April 2018

Hi all. I recently married my wonderful husband 6 months ago and now thinking about buying a house together. I already own a house from inheritance after my mother passed away years ago, and I have been struggling to keep the house going with repairs, bigger payments on services and the lot, so I'm thinking of selling it and putting the money towards buying another house with the husband. However I was wondering how tax works on money from selling a house - is it the same as income from a job? I've looked around on the web and at sites like these income tax calculators but can't find much information about it myself, so was wondering if anyone else has been in a similar situation and knows what I should do?

Thanks in advance
Jude

Posted on: 06 April 2018 by winkyincanada

You'd have tell us where you live (what country).

Posted on: 06 April 2018 by james n

As you appear to be in the UK, Start here ...

https://www.gov.uk/buy-sell-your-home

The 'Tax' section seems to be what you are looking for.

Posted on: 06 April 2018 by JudeCR

winkyincanada posted:
You'd have tell us where you live (what country).

james n posted:
As you appear to be in the UK, Start here ...
https://www.gov.uk/buy-sell-your-home
The 'Tax' section seems to be what you are looking for.

I am indeed in the UK James Thanks for the site! Cleared up a lot of my concerns.

Posted on: 06 April 2018 by JamieWednesday

If in the UK and it’s your house and you’re living in it i.e. you’ve not been renting it out, then no tax to pay on sale.