Understanding Capital Gains Tax

The tax which you pay on selling any residential property is called capital gain tax (CGT). Capital Gains Tax is payable when you sell a house that has increased its value since you first bought it, and this is due within 60 days after the completion of the sale of the property. However, when you sell the home in which you have been permanently residing in and it’s the only home you own, you won’t owe CGT, as this usually affects second homes or vacation properties.

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