Originally posted by Sibbers123
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CGT From BTL portfolio
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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.
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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.
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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
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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.
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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 .Tags: None
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Reply to CGT Boobooby Gordon999If 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...-
Channel: Tax Questions
05-03-2021, 22:41 PM -
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by jessa46I 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...
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Channel: Tax Questions
05-03-2021, 16:19 PM -
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Reply to CGT Boobooby jessa46Thanks for replies, very much appreciated
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Channel: Tax Questions
05-03-2021, 18:51 PM -
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Reply to CGT Boobooby jpkeatesIf 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%...-
Channel: Tax Questions
05-03-2021, 17:46 PM -
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Reply to CGT Boobooby jessa46My 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.
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Channel: Tax Questions
05-03-2021, 16:31 PM -
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Reply to CGT BoobooWhat date would the sale be please & what will the CGT rules be then?
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Channel: Tax Questions
05-03-2021, 16:26 PM -
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by DaddyofTwoHi
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...-
Channel: Tax Questions
22-02-2021, 14:42 PM -
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Reply to Accountantby Section20zIt depends how much work is involved
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Channel: Tax Questions
04-03-2021, 22:56 PM -
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by Bridge2020Any ideas how much an accountant would charge to do my self assessment ?
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Channel: Tax Questions
04-03-2021, 10:25 AM -
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