CGT From BTL portfolio

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  • ChloeRadshaw
    replied
    Originally posted by Sibbers123 View Post
    Sell when you become non-resident... only gains that accrue after 5th April 2015 will be taxable. There are certain anti-avoidance provisions such as temporary absences abroad, so seek professional advice from a qualified tax adviser.
    Thank you. This is exactly what I am doing and I asked specific question about the five year outside Uk tax rule and whether that starts from day of sale or five years from date of departure

    Leave a comment:


  • jpkeates
    replied
    Originally posted by ChloeRadshaw View Post
    Can I gift this property to my niece or sell it at an undervalue - There seems to be rollover relief but I m not sure i understood it..
    Rollover relief doesn't apply here.

    Leave a comment:


  • Sibbers123
    replied
    Sell when you become non-resident... only gains that accrue after 5th April 2015 will be taxable. There are certain anti-avoidance provisions such as temporary absences abroad, so seek professional advice from a qualified tax adviser.

    Leave a comment:


  • boletus
    replied
    You could re mortgage the property. Enjoy the proceeds, pay someone to manage it and pass on any remaining equity to your niece free of CGT or inheritance tax (depending on your full situation).

    Depends which is more important to you, getting out of BTL entirely or saving tax.

    Leave a comment:


  • gnvqsos
    replied
    It seems you are planning to leave UK having paid over £80000-Whitehall will be delighted.The good news is you take about £410000 with you

    Leave a comment:


  • Gordon999
    replied
    CGT is payable after disposal by sale or by gifting ( assuming no mortgage ) ..

    Assuming you are paying tax at 40% rate on your income, the capital gains is taxed at 28% rate.

    For capital gain of £300K less £12,300 capital gains personal allowance = £287,700 charged at 28% = £80,556 tax bill.

    Leave a comment:


  • Mrs Mug
    replied
    Originally posted by ChloeRadshaw View Post
    Can I gift this property to my niece or sell it at an undervalue.
    CGT would still be due on the market value of the property.

    Leave a comment:


  • ChloeRadshaw
    started a topic CGT From BTL portfolio

    CGT From BTL portfolio

    I ve decided to give up on the BTL uk market - I m getting too old for this all and frankly want to move abroad

    I have had a property which was bought for 200K - It is now worth 500K.

    I realise that CGT will be due on the 300k which is a lot to stomach. I know I have a 12K CGT allowance but that i not much

    Can I gift this property to my niece or sell it at an undervalue - There seems to be rollover relief but I m not sure i understood it.

    You might think 300k pnl is a lot but inflation adjusted it is not that much

    Thanks to all for serious answers .

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  • Reply to CGT Booboo
    by Gordon999
    If you make a total capital gain of say £190K- £40K = £150K and have owned the flat for 32 years and lived in the property for 6 years ,

    Your taxable capital gain during letting period is approx £150K x 25 /32 = £117K.

    You can claim the personal capital gains of £12,500...
    05-03-2021, 22:41 PM
  • CGT Booboo
    by jessa46
    I didn't realise until this afternoon that letting relief was banned last year. I bought the flat in late 1980s for approximately £40k. I lived there for 6 years and then moved to my present property, The flat next door sold for £180k 2 years ago. If the flat is now worth £200k, what will the cgt...
    05-03-2021, 16:19 PM
  • Reply to CGT Booboo
    by jessa46
    Thanks for replies, very much appreciated
    05-03-2021, 18:51 PM
  • Reply to CGT Booboo
    by jpkeates
    If you transfer ownership to your children without some kind of trust arrangement, it will be a CGT tax event anyway, so the CGT would be due then.

    Any costs that materially affect the value of the property could be offset against the gain, but replacement windows aren't likely to be 100%...
    05-03-2021, 17:46 PM
  • Reply to CGT Booboo
    by jessa46
    My daughter is a care worker but wants to go to uni to do a nursing degree. Because of her experience, she can do it in 3 years. Son is finishing uni and will will working for a housing association. As a guestimate, it would be November 2024 but if it made money sense, I'd do it sooner.
    05-03-2021, 16:31 PM
  • Reply to CGT Booboo
    by theartfullodger
    What date would the sale be please & what will the CGT rules be then?
    05-03-2021, 16:26 PM
  • Can I Reduce 3% Stamp Duty Surcharge by selling home to my own Ltd
    by DaddyofTwo
    Hi

    About to purchase a new main home for my family and going to buying cash to hopefully avoid stamp duty holiday expiry (it'll be below £500k).

    We won't have the time to sell our current home, and might want to keep it anyway as a BTL to add to our current portfolio which...
    22-02-2021, 14:42 PM
  • Reply to Can I Reduce 3% Stamp Duty Surcharge by selling home to my own Ltd
    by DaddyofTwo
    Cheers. Filling in a TP1 isn't difficult!
    04-03-2021, 23:41 PM
  • Reply to Accountant
    by Section20z
    It depends how much work is involved
    04-03-2021, 22:56 PM
  • Accountant
    by Bridge2020
    Any ideas how much an accountant would charge to do my self assessment ?
    04-03-2021, 10:25 AM
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