Accountant or CGT Specialist

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    Accountant or CGT Specialist

    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

    #2
    It will depend on your accountant's expertise in CGT?

    Comment


      #3
      Why not set out your figures here on Landlordzone before you sell. Someone may have a tax saving tip you can take advantage of.
      To save them chiming in, JPKeates, Theartfullodger, Boletus, Mindthegap, Macromia, Holy Cow & Ted.E.Bear think the opposite of me on almost every subject.

      Comment


        #4
        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.

        Comment


          #5
          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.

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