Accountant or CGT Specialist

[buffalo747]

For many years I've engaged the same accountant and happy with the service he provides but I'm thinking of selling some property which will incur a hefty CGT liability and the thought crossed my mind I'd perhaps be better off engaging an expert in this field of accountancy, even if its just for a second opinion on my accountants figures.
Any advice welcome.....Thanks

[King_Maker]

It will depend on your accountant's expertise in CGT?

[JK0]

Why not set out your figures here on Landlordzone before you sell. Someone may have a tax saving tip you can take advantage of.

[buffalo747]

Thanks JKO.....I purchased my Mum's 3 bed council house in 2000 and following her death in 2003, I extended and converted it into 4 flats.
The purchase and build cost amounted to about £300K.....in 2005, the total value of the 4 flats amounted to £640K ( mortgage lenders surveyor).
I never lived in the house as my main residence, so there would not be any PPR allowance to claim.
In two years time, the interest only mortgage I have needs to be repaid and the lender will not accept part payments by allowing me to sell off the flats one at a time. If sold as a block today, I'm guessing they'd make £600K.
If this became the case, it would reflect a profit of around £300K and therefore a tax liability of circa £84K....ouch!
Depending on lenders interest rates in two years time and availability, it maybe best for me to remortgage and keep the flats for the time being.

[JMansley]

Do you have a spouse or civil partner to whom you could transfer 50% ownership? This could save you around £6k in CGT if the spouse or civil partner has no other income.