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Samuel Whiskers

Str Tax Query

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If anyone can answer this one I would be grateful.

Just been talking to a friend about str - wife & I should be completing shortly.

Friend said that when he sold 3 years ago he put the money into Abbey National and a few months later the IR started chasing him about it - ie to explain it, so he just moved it in to a foreign account and they stopped chasing him.

Are there any tax issues if a couple sell their only home in order to rent for a few years?

ie does the taxman have any way of getting a handle on it?

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Glad to hear that.

Do you know how can I know what the tax will be?

Many Thanks.

It depends if you are a higher tax payer, if so then 40% otherwise its the standard you pay

on your wages I believe. Sure someone else will confirm this.

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It depends if you are a higher tax payer, if so then 40% otherwise its the standard you pay

on your wages I believe. Sure someone else will confirm this.

20% tax for lower rate .

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If anyone can answer this one I would be grateful.

Just been talking to a friend about str - wife & I should be completing shortly.

Friend said that when he sold 3 years ago he put the money into Abbey National and a few months later the IR started chasing him about it - ie to explain it, so he just moved it in to a foreign account and they stopped chasing him.

Are there any tax issues if a couple sell their only home in order to rent for a few years?

ie does the taxman have any way of getting a handle on it?

I think the banks have now to establish were money comes from to ensure it is not part of a money laundering scam or part of a terror funding network :ph34r:

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Guest Riser

I think the banks have now to establish were money comes from to ensure it is not part of a money laundering scam or part of a terror funding network :ph34r:

I believe that s just an excuse for them to nose more into peoples personal finances, with a larger proportion of pensioners likely to be subjected to means testing in the future they want to know about every penny.

It could also be a motivation behind SIPPS, providing the taxman with easy access to reports from independent SIPP managers and the opportunity for future legislation to change the rules and deduct funds direct from peoples pension pots.

Edited by Riser

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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