Question:
My parents are selling their house and are looking to buy a smaller property, they will have £45,000 which they will keep as extra savings. Will they have to pay tax on the extra money and will it affect their pensions?Arthur Weller Replies:
I presume the house your parents are selling was their principal private residence. If so the £45,000 'profit' is not liable to tax and it will not have any effect on their pensions.
Arthur Weller replies:
