QUERY: tax in current accounts

[andwan0]

I am selling my flat, and will complete at the end of this month. I will have a large equity to be transferred back to my bank account.

will my equity be taxed while in the current account? if so, how much? or is it the interest that will get taxed?

[Nutria]

I am selling my flat, and will complete at the end of this month. I will have a large equity to be transferred back to my bank account.

will my equity be taxed while in the current account? if so, how much? or is it the interest that will get taxed?

Where do you live? In the US, the first $250K of profit from the sale is tax free.

Any bank interest earned on that money will naturally be taxed at the standard rate for interest income (which in the US is the same as ordinary income).

[disneysteve]

I'm assuming you are overseas by your use of the term "flat", generally a British term I believe.

I'd suggest speaking with your accountant or tax professional.