Tax Newsletter – There’s no place like home…!
In this edition we consider some of the valuable tax reliefs that apply to your home.
If I make a profit when I sell my home, tax is never payable…is it?
Most of us know that we are not required to pay capital gains tax if we make a profit on the sale of our home and this is correct. However the relief is not always as straight forward as it seems…click here for further details on how to make this valuable relief work for you…
Can I have more than one home and still sell both properties tax free?
If you have more than one home only one can be exempt from capital gains tax. However it is possible to choose which home will qualify for relief. Read, Can I have more than one home and still sell both properties tax free?
Will I pay inheritance tax on my home when I die?
Yes your home(s) form part of your estate when calculating your liability to inheritance tax. The Government announced the introduction of a new inheritance tax free allowance of £175,000 per person to be used against the family home….but is this allowance as good as it sounds.