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  • Mortgages & Finance

    Selling £1million of property and NO CGT

    I have been chipping away over the past years selling my own personal property into my Company

    Gifting Equity, Paying stamp Duty and Costs to do so

    Its worked quite well because I have not Paid any CGT to date

    The reason for this is simple property I purchased did not have much of a gain so with my allowances

    The property I will be selling in the next batch possibly will be in the region of 1 million pounds with a LTV of around  75% which in round figs is 13 properties

    I don't have to sell this batch because the term of the Mortgages is for another 6 to 8 years the lenders are ME and BM all on tracker rates with no penalties

    My question is this should I do it in one go and If so would I pay more than the Standard 3%  or should I sell maybe a couple per year over the next 6 years

    If I sold now I would be avoiding the rise of Income Tax due to S24  but I may shoot myself in the foot with stamp duty

    My own Goal is to sell as much as I can to the Company with as little cost as possible

    Keep  the section of my BTL which has most gains and lowest LTV in my own name  and live of the income and my pension in 5 years time

    I am in a very good position really

    But I am thinking of older age and IHT planning and succession

    So if you were in my shoes would you sell in one tax year or not?

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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.

    If you want CGT relief you will need to do this in one go. There are options for SDLT as well with this number of properties.

    Give me a call and we can discuss.

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    Chartered Accountant, Tax Advisor and Mortgage broker

    (and BTL portfolio owner)

    stuart@johnsonsca.com

    02039077022