Selling a property- Tax?

Marymidlands · 2016-09-10 13:54:34

Just wondering if I sell a property for less than I paid for it am I liable for tax. Also does anyone know would I have to pay NPPR ( I am liable) before property sold or can I take out of proceeds? Sorry if already answered.

10-09-2016 02:54PM

#1

Marymidlands

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Just wondering if I sell a property for less than I paid for it am I liable for tax. Also does anyone know would I have to pay NPPR ( I am liable) before property sold or can I take out of proceeds? Sorry if already answered.

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#2 12-09-2016 09:38AM

gerrybbadd

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Marymidlands wrote: »

Just wondering if I sell a property for less than I paid for it am I liable for tax. Also does anyone know would I have to pay NPPR ( I am liable) before property sold or can I take out of proceeds? Sorry if already answered.

NPPR has to be paid before the sale, or the sale can't go through.

You will only be charged tax on a gain, so if you're making a loss, you won't be charged. If this is your Principal Private Residence, you aren't liable to tax at all, regardless of gain.

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#3 13-09-2016 12:14AM

Marymidlands

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Thanks for clarifying that

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