X

Sign Up

or

By signing up I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Sign Up

Sign Up With Facebook, Twitter, or Google

or


By signing up, I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Log In

or


Don't have an account? Sign Up

Forgot Password

To reset your password just enter the email address you registered with and we'll send you a link to access a new password.


Already a PT member? Log In

Don't have an account? Sign Up

  • Tax

    Capital Gains Tax rate and private tax relief

    Hi everyone first post of many to come i hope.

    so i sold my only main house mar 2013 moved in with girlfriend, brought again sept

    refurb and look for tenants 2 months paid council tax etc . Now the property been rented out since so 4 years .

    If i was to sale today what is the amount due on 360k property brought for 247.5k.

    do i get private resident tax relief for 2 months ? Is there a 5 year cap i was reading.

    i know the easy answer go see an accountant but my books have been pretty straight forward to do myself atm ,

    is rent4rita a good one or the nla recommand menzies ?

    Also i would really like to buy 2 or maybe hmos to increase my income getting stuck

    on the future plannning been to nla meeting and hmo daddy in london day event

    but struggling with what plan to go for !

    cheers

    0
    0

    Was it ever your principle residence?

    0
    0

    Hi peter thks for the reply i only ever lived in this property for 2 months but it was my only property and i wasnt registered anywhere while searching for it.

    This property was brought for me to live in not a rental.


    0
    0

    CGT is reduced proportionately according to how long you lived there plus the last 18 months compared to your total time of ownership.

    0
    0

    Capital Gains Tax (CGT) FREE calculator

    Updated with new CGT allowances and income tax bands for 2017-18

    Are you looking to sell any of your Buy to Let properties?

    Are you looking at ways to minimise CGT?

    Demo video: https://www.youtube.com/watch?v=12LqyeasFW4&t=24s

    Download spreadsheet here: https://www.optimiseaccountants.co.uk/cap...r-2017-18/

    We have developed a spreadsheet that you can use to understand the amount of CGT that you are likely to pay. This CGT calculator spreadsheet not only tells you the amount of CGT to pay but how you may be able to reduce it.

    CGT is a tax cost that reduces the amount of net cash that you will eventually receive upon selling your property. CGT is based on the sales price, less purchase price (and associated purchase costs) less any capital cost of refurbishment.

    This is a good start to see how CGT will affect property investors from 2017/18

    Article: https://www.optimiseaccountants.co.uk/cap...deV-kyZNAY

    We wrote another article that demonstrated ways of how you may be able to mitigate some of the CGT

    Article: https://www.optimiseaccountants.co.uk/min...agT9ZOGO34

    One of the ways that you can reduce CGT is to move back into a property and claim private residence relief

    Article: https://www.optimiseaccountants.co.uk/min...agT95OGO34

    One of the great ways to mitigate both CGT and inheritance tax (IHT) is to transfer the property into trust and move it back out again

    See article: https://www.optimiseaccountants.co.uk/gif...agT-5OGO34

    If you were happy to re-invest the gains from the disposal and re-invest it into an Enterprise Investment Schemes (EIS) then you can defer the CGT and obtain an income tax reducer of 30%

    See article: https://www.optimiseaccountants.co.uk/mit...agVaZN9634

    0
    0

    Simon Misiewicz | Business Development Manager

    Optimise Accountants

    Telephone: 0115 939 4606

    website: http://www.optimiseaccountants.co.uk