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Where Taxpayers and Advisers Meet

Sell house - do not buy another tax on profit?

scott123
Posts:2
Joined:Wed Aug 06, 2008 3:04 pm

Postby scott123 » Tue Jun 24, 2003 1:14 pm

Hi
I am about to sell my house (main residence). I donot wish to buy another until 6 - 24 months time. Will i have to pay tax on the money I have made on the house? I will be renting until I buy a new house.
Thanks

Regards

Scott

Neale
Posts:39
Joined:Wed Aug 06, 2008 3:02 pm

Postby Neale » Wed Jun 25, 2003 8:08 am

As long as the house is your only and main residence, and meets the normal Revenue criteria (Not over 0.5 Hectares, and a house etc..) you can spend the proceeds how and when you wish wothout jeopardising your Principal Place of Residence Relief.

neale@coules.com

scott123
Posts:2
Joined:Wed Aug 06, 2008 3:04 pm

Postby scott123 » Wed Jun 25, 2003 1:12 pm

Thankyou. Most helpful.

Scott


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