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tax on sale of principle property

  • 11-10-2010 7:54pm
    #1
    antigua
    Banned (with Prison Access) Posts: 7 ✭


    A friend of mine sold his home back in 2001 and used some of the proceeds to set up a business and put the remainder in a savings account.

    He didn't purchase another property and is now wondering if he is liable to pay tax or refund goverment mortage relief?

    I thought you weren't liable to pay tax on sale of principle property but not sure if this applies if another property isn't purchased.

    Any advice on this appreciated

    A.


Comments

  • #2
    GeorgeTaylor
    Closed Accounts Posts: 18 ✭GeorgeTaylor


    You don't have to roll over the proceeds of the sale of PPR (principal private resident) in order to get the tax exemption on the sale.

    I'm not sure what you mean by mortgage relief, is this when he had the house? If so, he doesn't have to refund it. If somehow he continued to claim it while not having a PPR, he would have to refund it.


This discussion has been closed.
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