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Yahoo Expert Answers – Capital Gins Tax - 29th October 2009
What is capital gains tax?
The HM Revenue & Customs definition is as follows – “Capital Gains Tax is a tax on the profit or gain you make when you sell or ‘dispose of’ an asset.” There is no CGT payable on the sale of your main residence.Disclaimer:
The answers above are for guidance only and should not be acted upon without you receiving professional mortgage advice relevant to your circumstances. To find an independent mortgage adviser please go to http://www.unbiased.co.uk
Source(s):
James Carter, Independent Financial Adviser, Independent James
James has 11 years experience working in the Independent Financial Advice arena. Mortgage & Protection advice have always been his main business areas and James’ vision for customer service entails a one to one service combined with comprehensive administrative support. James also holds the Advanced CeMAP qualification. James is a frequent provider of media and industry comment, including BBC’s Working Lunch, FT Adviser, Money Marketing, Mortgage Strategy and Mortgage Introducer magazines.