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Scotsman
a day ago
- Business
- Scotsman
Do you have to pay capital gains tax when selling a house, and how have the rates changed?
This article contains affiliate links. We may earn a small commission on items purchased through this article, but that does not affect our editorial judgement. You could be facing a big bill From gorgeous Georgian town houses to jaw-dropping penthouses, converted campervans to bargain boltholes. Take a peek at the finest homes across the UK. Sign up Thank you for signing up! Did you know with a Digital Subscription to Edinburgh News, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... If you're selling a house which isn't your main home, you may have to pay capital gains tax It is payable on any profit you have made on a property Capital gains tax rates and the amount which is exempt have recently changed You may have to pay capital gains tax when selling a house which is not your main home or has not always been your main home | Photo by Thirdman : If you're selling a house in the UK, you may have to pay capital gains tax, which could be a big cost to consider. You don't pay capital gains tax on property if the house or flat you're selling is your main home and you have lived there the whole time you've owned it, however much it may have increased in value. Advertisement Hide Ad Advertisement Hide Ad The only tax you have to worry about in that case is stamp duty, which can in itself be a sizeable sum, especially for more expensive properties. But if you're selling a property that's not your main home or has not always been then you will have to pay capital gains tax if you're getting more for it than you paid in the first place. Capital gains tax rates, and how they have changed The rates of capital gains tax on property in the UK are 18% and 24%. This only applies to the profit you have made on a property and not the total price. Advertisement Hide Ad Advertisement Hide Ad That means if you paid £200,000 for a house and sold it for £250,000, you would only pay capital gains tax on the £50,000 you have made. If you are a lower band taxpayer then you will pay 18% tax on any profit until it takes you into the higher tax band, after which you will pay 24% on the rest. If you're a higher band taxpayer then you will pay 24% on the full profit. The higher rate of capital gains tax on property was reduced in April 2024 from 28%. Advertisement Hide Ad Advertisement Hide Ad There is an annual exempt amount of £3,000 below which you do not have to pay capital gains tax. This has reduced in recent years, from £12,300 in 2022/23 and £6,000 in 2023/24. How long do you have to have lived in a house to avoid paying capital gains tax? If you have not lived in the home you are selling as your main home for the whole time you have owned it you may have to pay capital gains tax, though you could be entitled to some private residence relief. The relief you get depends on when you lived there and what you used that property for. You need to work out when you lived in your property as your main home. If you're married or in a civil partnership, only one home per couple counts as your main home at any given time. Advertisement Hide Ad Advertisement Hide Ad If you make a £100,000 profit selling a house which you have owned for 20 years but lived elsewhere for five of those years, you would get relief on 75% of the gain you have made, which is £75,000. If you never lived in the part of your home you let out or used only for business you don't get relief on that part, but if you did you get relief for the last nine months you owned the property and any time you didn't let it out or use it for business. Letting part of a property out does not include having a lodger, and using a room as a temporary or occasional office does not count as exclusive business use. You can find out here if you're eligible for private residence relief . Advertisement Hide Ad Advertisement Hide Ad When else do you not have to pay capital gains tax? You will usually have to pay capital gains tax if you make a profit when selling buy-to-let properties, business premises, land or property you have inherited. But you do not usually need to pay tax on gifts to your husband, wife, civil partner or a charity. If the property was occupied by a dependent relative you may not have to pay capital gains tax. You may get tax relief if the property you are selling is a business asset. Advertisement Hide Ad Advertisement Hide Ad If inheriting a property means you own two properties, you must tell HMRC within two years which is your main home. How long do you have in which to pay capital gains tax? You must report and pay any capital gains tax on sales of UK property within 60 days. If you need help working out your tax, you can find more information here. 🏠 Whether you're planning to move or just curious what your home is worth, Purplebricks offers free valuations and fixed-fee selling support from local experts. 👉 Request a valuation or browse current listings in your area.
Scotsman
a day ago
- Business
- Scotsman
Do you have to pay capital gains tax when selling a house, and how have the rates changed?
This article contains affiliate links. We may earn a small commission on items purchased through this article, but that does not affect our editorial judgement. You could be facing a big bill From gorgeous Georgian town houses to jaw-dropping penthouses, converted campervans to bargain boltholes. Take a peek at the finest homes across the UK. Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... If you're selling a house which isn't your main home, you may have to pay capital gains tax It is payable on any profit you have made on a property Capital gains tax rates and the amount which is exempt have recently changed You may have to pay capital gains tax when selling a house which is not your main home or has not always been your main home | Photo by Thirdman : If you're selling a house in the UK, you may have to pay capital gains tax, which could be a big cost to consider. You don't pay capital gains tax on property if the house or flat you're selling is your main home and you have lived there the whole time you've owned it, however much it may have increased in value. Advertisement Hide Ad Advertisement Hide Ad The only tax you have to worry about in that case is stamp duty, which can in itself be a sizeable sum, especially for more expensive properties. But if you're selling a property that's not your main home or has not always been then you will have to pay capital gains tax if you're getting more for it than you paid in the first place. Capital gains tax rates, and how they have changed The rates of capital gains tax on property in the UK are 18% and 24%. This only applies to the profit you have made on a property and not the total price. Advertisement Hide Ad Advertisement Hide Ad That means if you paid £200,000 for a house and sold it for £250,000, you would only pay capital gains tax on the £50,000 you have made. If you are a lower band taxpayer then you will pay 18% tax on any profit until it takes you into the higher tax band, after which you will pay 24% on the rest. If you're a higher band taxpayer then you will pay 24% on the full profit. The higher rate of capital gains tax on property was reduced in April 2024 from 28%. Advertisement Hide Ad Advertisement Hide Ad There is an annual exempt amount of £3,000 below which you do not have to pay capital gains tax. This has reduced in recent years, from £12,300 in 2022/23 and £6,000 in 2023/24. How long do you have to have lived in a house to avoid paying capital gains tax? If you have not lived in the home you are selling as your main home for the whole time you have owned it you may have to pay capital gains tax, though you could be entitled to some private residence relief. The relief you get depends on when you lived there and what you used that property for. You need to work out when you lived in your property as your main home. If you're married or in a civil partnership, only one home per couple counts as your main home at any given time. Advertisement Hide Ad Advertisement Hide Ad If you make a £100,000 profit selling a house which you have owned for 20 years but lived elsewhere for five of those years, you would get relief on 75% of the gain you have made, which is £75,000. If you never lived in the part of your home you let out or used only for business you don't get relief on that part, but if you did you get relief for the last nine months you owned the property and any time you didn't let it out or use it for business. Letting part of a property out does not include having a lodger, and using a room as a temporary or occasional office does not count as exclusive business use. You can find out here if you're eligible for private residence relief . Advertisement Hide Ad Advertisement Hide Ad When else do you not have to pay capital gains tax? You will usually have to pay capital gains tax if you make a profit when selling buy-to-let properties, business premises, land or property you have inherited. But you do not usually need to pay tax on gifts to your husband, wife, civil partner or a charity. If the property was occupied by a dependent relative you may not have to pay capital gains tax. You may get tax relief if the property you are selling is a business asset. Advertisement Hide Ad Advertisement Hide Ad If inheriting a property means you own two properties, you must tell HMRC within two years which is your main home. How long do you have in which to pay capital gains tax? You must report and pay any capital gains tax on sales of UK property within 60 days. If you need help working out your tax, you can find more information here. 🏠 Whether you're planning to move or just curious what your home is worth, Purplebricks offers free valuations and fixed-fee selling support from local experts.
IOL News
7 days ago
- Lifestyle
- IOL News
Matcha: The Japanese green gold going global
Matcha: the Japanese tea taking over the world Image: Thirdman/Pexels Matcha is the new drink of choice at hip cafes worldwide, but Japanese producers are struggling to keep up with soaring demand for the powdered green tea. Here's what you need to know about the drink beloved of weekend treat-seekers and "wellness" influencers: What is matcha? The word matcha means "ground tea" in Japanese and comes in the form of a vivid green powder that is whisked with hot water and can be added to milk to make a matcha latte. Green tea was introduced to Japan from China in the early ninth century, and was first used for medicinal purposes. Matcha came much later, in 16th century Kyoto -- part of the tea ceremony tradition developed by tea master Sen no Rikyu. Today, there are different grades of matcha quality, from "ceremonial" to "culinary" types used in baking. Matcha is made from leaves called "tencha", which are grown in the shade in the final weeks before their harvest to concentrate the flavour, colour and nutrients. Image: Freepik Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ How is it produced? Matcha is made from leaves called "tencha", which are grown in the shade in the final weeks before their harvest to concentrate the flavour, colour and nutrients. This "requires the construction of a complex structure with poles and a roof to filter the light", explained Masahiro Okutomi, a tea producer in Sayama, northwest of Tokyo. Tencha leaves, rich in chlorophyll and L-theanine, a compound known for its relaxing effects, are hand-picked and deveined, then steamed, dried and ground between two stone mills to produce an ultra-fine powder. It can take up to an hour to produce just 40 grams (1.4 ounces) of matcha -- making the powder on average twice as expensive to produce as standard green tea leaves. The word matcha means "ground tea" in Japanese Image: Freepik What are its benefits? Many drink matcha for its rich grass-like taste, but others are drawn to the drink's nutritional properties. It is rich in antioxidants, and can aid concentration because of its caffeine content: one cup contains on average 48 milligrams, slightly less than a drip coffee but nearly twice as much as a standardly brewed green tea. "Matcha is often seen as being good for your health," said Shigehito Nishikida, manager of Tokyo tea shop Jugetsudo. "But people are also attracted to the Japanese culture around tea: the ritual, the time taken, the aesthetics," he said. Why is it so popular? Japan produced 4,176 tonnes of matcha in 2023 -- a huge increase from the 1,430 tonnes in 2012. More than half of the powder is exported, according to the agriculture ministry, mostly to the United States, Southeast Asia, Europe, Australia and the Middle East. Millions of videos on TikTok, Instagram and YouTube demonstrate how to make photogenic matcha drinks or choose a traditional "chasen" bamboo whisk. "I feel like Gen Z really drove this enthusiasm for matcha, and they heavily relied on social media to do so," Stevie Youssef, a 31-year-old marketing professional, told AFP at a matcha bar in Los Angeles. Matcha can also be used in cooking, extending its appeal to others aside from tea lovers. "Some customers simply enjoy drinking it, others like preparing it themselves. And of course, many buy it as a gift -- Japanese matcha is always appreciated," said Jugetsudo's Nishikida. AFP
Hindustan Times
25-06-2025
- Health
- Hindustan Times
These diet mistakes in your 20s could tank your sperm count or mess up ovulation in your 30s
Did you know what you eat in your 20s can impact your fertility in your 30s — both for men and women? Fast food and poor dietary habits in your early adulthood may increase the risk of fertility issues later. Can what you eat in your 20s hurt your fertility chances in your 30s?(Image by Pexels) In an interview with HT Lifestyle, Dt Priyanka Bandal, Senior Dietician at Manipal Hospital in Pune's Baner, revealed how fast food can harm fertility - 1. High trans fats and saturated fats: Found in fried foods, pizzas and processed snacks, these can disrupt ovulation and lower sperm quality. Using herbs and spices to replace saturated fat and salt improves health: Study(Pexels ) 2. Nutrition deficiency: Fast food is low in folate, iron, antioxidants (like vitamin C and E) and omega-3-6 fatty acids. These nutrients are essential for egg health, sperm production and hormone balance. 3. Weight gain and insulin resistance: Fast food often leads to obesity and PCOS (polycystic ovarian syndrome) in women. In men, obesity can reduce testosterone levels and sperm counts. 4. Inflammation and hormonal disruption: Processed foods cause chronic inflammation, which can impair reproductive hormones. Your diet today affects your family tomorrow Dt Priyanka Bandal suggested that adopting a balanced, nutrient-rich diet early on is an investment in your reproductive health later. She advised, 'Drink water at least 8-10 glasses in a day for hydration and do exercise well.' Nutritious diet can boost fertility and combat obesity. (Photo by Thirdman on Pexels) The expert concluded, 'Your food choices in your 20s aren't just about energy or weight — they quietly shape your health and fertility in your 30s. Relying too much on fast food may lead to hormonal imbalances, nutrient gaps and weight issues that can make it harder to conceive later. The good news? It's never too early to nourish your body with real, wholesome foods. Eat well now and you give your future self as well as your future family the best possible start.' Note to readers: This article is for informational purposes only and not a substitute for professional medical advice. Always seek the advice of your doctor with any questions about a medical condition.
IOL News
23-06-2025
- Business
- IOL News
Puff, Puff, Pass. . . Outside? – Backlash brews over new proposed smoking laws
The Department of Health's proposed changes to tobacco laws could see smokers face jail time for smoking entjies and e-cigarettes indoors and failing to adhere to other prohibited smoking legislation. Image: Thirdman/Pexels South African liquor traders have raised serious objections to proposed new smoking legislation that would require significant changes to bars, taverns, and restaurants across the country. The legislation, currently being processed by the Department of Health, aims to ban the display advertising of tobacco products, standardise packaging, and introduce stricter controls on e-cigarettes and vaping. While the proposed changes affect the wider hospitality industry, including the ban on vending machines, the biggest challenge lies in where people can smoke. Under the new Tobacco Products and Electronic Delivery Systems Control Bill, smoking would be outlawed indoors and in certain public spaces, forcing patrons to move outside. New regulations also stipulate that designated smoking areas must be located a specific distance from windows, ventilation points, and entryways. The Gauteng Liquor Traders Association (GLTA) expressed concern that this requirement would be completely unworkable in township environments, where many smaller taverns operate. The association said that businesses had already invested in creating compliant smoking spaces after the last revision of the smoking laws, designating 25% of their floor space for this purpose. The new legislation, it argued, would force businesses to spend even more to build new spaces or risk falling foul of the regulations. 'The Minister has discretion over this distance, but the Department of Health previously suggested 10 metres. This provision is totally unworkable in a township environment,' the GLTA said. The association added that staff would be required to leave the building to smoke, potentially leaving the venue vulnerable to security threats and affecting employee productivity. Similar concerns apply to patrons, who might be forced to move to isolated areas where they could be at risk of crime. Although the GLTA focused its concerns on smaller, informal traders, it warned that all businesses with designated smoking areas would be impacted, regardless of their location, and would face increased costs. The impact on the illicit cigarette trade Business Against Crime South Africa (BACSA) argued that making it harder for businesses to operate legally could drive more traders towards the black market. According to BACSA, the illicit tobacco market already accounts for 60–70% of sales, costing the national budget roughly R18bn each year. The group warned that the draft legislation lacks enforcement measures to combat the illegal trade and does not provide tools such as track‑and‑trace systems or improved border controls. The GLTA also pointed out that the new laws create the risk of increased corruption, especially given that certain elements within the police have been known to solicit bribes. It stated that making it a criminal offence for businesses to fail to spot an errant smoker would only create further opportunities for exploitation. Penalties 'The penalty for smoking in a banned area is three months in prison, and/or a fine. The penalty for smoking near a non‑smoking employee is ten years in prison and/or a fine." The association noted that there are more serious crimes for the authorities to focus on in South Africa. IOL Lifestyle Get your news on the go, click here to join the IOL News WhatsApp channel.
