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Property Taxation issues
The first thing to say is that property taxation is a complex area, and that you should always seek appropriate
professional advice. We turned to Les Adey of Horder Adey, a firm of Chartered Accountants based in Putney, London, for an overview.
Please note this only gives an outline of the issues involved.
Tax on Sale of Property
If the house is your principal residence, there is no tax on any profit made from its sale.
Capital Gains Tax (CGT)
If the house is not your principal residence, CGT will be charged on a percentage of profits after taking into account various reliefs
including your annual exempt allowance (£9,600 in the 2008/2009 tax year).
Further information on CGT
Horder Adey: http://www.haca.co.uk
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