Re: PHOTO - 2 = traditional farm buildings

Posted by David in England on July 08, 2006 at 10:43:16 from (86.137.16.168):

In Reply to: PHOTO - 2 = traditional farm buildings posted by David in England on July 08, 2006 at 00:06:00:

Hi Plumboy;
The Government owns some land and some properties.
The British people can buy and sell their own land and houses freely. But there are some taxes payable.
I own my own house which I live in, when I sell that house I can take all the money it sells for and all the profit thats been made from purchase price to sale price, no tax payable.
If I also own another house but dont live in it (rent it out to someone else) I would have to pay 40% tax on the profit I made when I sold it.
The BUYER of houses here has to pay a PURCHASE TAX based on the value of the house. Under $200K is 0% tax, over that would be 3% tax, and very expensive houses would be 4% tax payable to the Government.
If I owned a 100 acre farm and sold it, I would be liable for 40% tax on the profit between the purchase price & the sale price. BUT I would have 2 years without having to pay that tax which would give me time to buy another farm (called "roll-over"). If I didnt buy another farm after the 2 years I would then be liable to pay that 40% tax).
This is a very simplified explaination.
Cheers David

Replies:

• Re: PHOTO - 2 = traditional farm buildings plumboy 13:06:41 07/08/06 (0)

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