House selling
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House selling
I am in the process of selling and the purchasers have just had their mortgage agreed. I was told I would have to wait 12 weeks after the completetion date to receive the funds. Is this true?
- polremy
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Re: House selling
is this in England or France?Hooray henry wrote:I am in the process of selling and the purchasers have just had their mortgage agreed. I was told I would have to wait 12 weeks after the completetion date to receive the funds. Is this true?
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You receive payment for the sale of your house on the same day as you and the buyer sign the 'acte authentique' at the notaire. Normally it takes about 2 months between the time the buyer receives his offer of mortgage (which renders the 'condition suspensive' void and means the buyer cannot withdraw from the purchase using this excuse) and the signature of the acte authentique. If you push the notary and the buyer agrees it can take less.
French born but British expat
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I think the notaire has to make sure that all taxes have been paid, but I didn't have to pay any capital gains on the sale of my house as it had been my sole residence for three years, so I got the full amount within a week, into my French bank account.
What took the time was getting the deeds after I bought the house - this can take months and I had to remind the notaire several times before they arrived.
What took the time was getting the deeds after I bought the house - this can take months and I had to remind the notaire several times before they arrived.
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- john
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If you are a foreigner and you can prove that this is your main (sole?) residence in France then there should be no Fr Plusvalue (Cap Gains) to pay. Whether you have to pay UK CGT;well that depends on your arrangements with the taxman there.Hooray henry wrote:I was told by the notaire that I would have to pay CG tax as although this is my principle residence i am a UK tax resident. Is this correct?
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It seems to me (as a retired tax inspector) that you are non-resident in the UK but have a business there. You can't choose residency - it is a simple matter of fact - how many days, excluding days of arrival and departure, do you spend in the UK in a tax year? If it is more than 183, you are resident. If you do spend more than 183 days in the UK, the fact that you have a home in France is irrelevant - it is just your second home. Living with your mother counts as having accommodation available - you could even be classed as resident if you spent 200 days in an hotel. It is how long, not where, that matters.
Of course, there is no law against trying to arrange your affairs to minimuse tax liability - that is avoidance (legal), not evasion (illegal) but I think you might be wise to get some informed advice, either from a tax consultant in the UK or any Tax Enquiry Office, or on line. Perhaps the law has changed since I retired in 1999!
Of course, there is no law against trying to arrange your affairs to minimuse tax liability - that is avoidance (legal), not evasion (illegal) but I think you might be wise to get some informed advice, either from a tax consultant in the UK or any Tax Enquiry Office, or on line. Perhaps the law has changed since I retired in 1999!
- Roger O
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Carol - I love that word "minimuse" - a nice combination of minimise and misuse!!!carol sheridan wrote:Of course, there is no law against trying to arrange your affairs to minimuse tax liability - that is avoidance (legal), not evasion (illegal) but I think you might be wise to get some informed advice, either from a tax consultant in the UK or any Tax Enquiry Office, or on line.
Is it now officially in the parliamentary dictionary??
Hope you are well!!
Roger
I deal in Logic!
"Magic" is applied science far in advance of our current technology.
"Magic" is applied science far in advance of our current technology.
- john
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When I looked into this a few years ago,the answer was broadly as Carol states.
The tax you pay on your business activities and your personal tax liability are two TOTALLY separate things.
So qed,if ,Henry,your business is in the UK,you'll pay tax on it there. If you spend more than 183 days resident here in France,you'll pay your personal tax (all income) here.
I still cannot see why,however,if this house has been your principal residence for the last 3 yrs,why you'll need to pay plusvalue on it.
The tax you pay on your business activities and your personal tax liability are two TOTALLY separate things.
So qed,if ,Henry,your business is in the UK,you'll pay tax on it there. If you spend more than 183 days resident here in France,you'll pay your personal tax (all income) here.
I still cannot see why,however,if this house has been your principal residence for the last 3 yrs,why you'll need to pay plusvalue on it.
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To be fair rbg,Carol has already tried her best to point this out to Henry!carol sheridan wrote: Of course, there is no law against trying to arrange your affairs to minimuse tax liability - that is avoidance (legal), not evasion (illegal) but I think you might be wise to get some informed advice, either from a tax consultant in the UK or any Tax Enquiry Office, or on line. Perhaps the law has changed since I retired in 1999!
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- polremy
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I think all men are the same!carol sheridan wrote:Yes, Roger, I rather like the result of my typo!
I am still working hard caring for the family - and trying to keep my two grandsons (aged 25 and 18) fed! They appear to need sustenance every wo hours!
Very short list of regular needs and food is very close to the top.
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