The Wellingborough Property Blog

  If you’re selling a property in Northamptonshire, you may have heard about Capital Gains Tax and may be wondering whether or not you’re liable to pay it. As experts in property, our team at Chelton Brown are on hand to give you all the guidance and information you need. Capital Gains Tax – An Overview Capital Gains Tax (or CGT) is taxation on the profits if you sell an asset that has grown in value. This definition can be confusing, so here’s an example of how it works. If you bought a property for £400,000 and then sold it for £450,000, the profit you have made is £50,000. That means you would need to pay CGT on the £50,000 profit, not on the full sale price of £450,000. Do All Property Sales Incur CGT? Not every property sale is liable for Capital Gains Tax. If the property you’re selling is your primary residence, you’ll automatically have eligibility for Private Residence Relief so long as: You’ve lived in the property as your primary home throughout the entire period you’ve ...

  Property Market Update: What’s Happening In The UK Property Market – September 2022   The biggest hike in interest rates for more than 30 years is expected later this month, a surge in buying activity has been reported by some estate agents in August, while renters are turning to smaller properties to cope with the cost of living crisis.  Read on for all this and more in your September property market update from Chelton Brown.   Interest Rates Rise The Bank of England revealed the new base interest rate on 22nd September, with a significant rise from the previous 1.75% rate. Rates increased by half a percentage point to 2.25%. The move is an attempt to slow the rate of rising prices, but interest rates have not been this high since the 2008 financial crisis. This increase will undoubtedly bring some worry for many borrowers. The rates are likely to rise again in November and December, with many economists expecting the rate to hit 3% by the end of the year, and po...