Discussion
- Hypothetical* question and I know it might depend on circs but assume its all personal and not through a company.
Assume one has made 100k profit and the other has made 300k profit?
Is it just as efficient to sell both at the same time and have 400k cgt or split it over 2 years?
gotoPzero said:
*Hypothetical* question and I know it might depend on circs but assume its all personal and not through a company.
If you had 2 properties to sell which have been rented is there any advantage to selling them in 2 different tax years?
Assume one has made 100k profit and the other has made 300k profit?
Is it just as efficient to sell both at the same time and have 400k cgt or split it over 2 years?
Depends if you are going to make any other capital gain in the following year, I'd have thought. If not, sell in two different tax years to get two CGT allowances.If you had 2 properties to sell which have been rented is there any advantage to selling them in 2 different tax years?
Assume one has made 100k profit and the other has made 300k profit?
Is it just as efficient to sell both at the same time and have 400k cgt or split it over 2 years?
Eric Mc said:
gotoPzero said:
So can 24600 can be rolled into 2 years if you dont use the following year?
No - it's an annual allowance. If you don't use your personal £12,300 in a specific tax year, you can't bring it forward to the next year or carry it back to a previous year.CGT on second homes or ones you inherit etc is a royal PITA.
Those without / envy simply don’t realise the tax that is already burdened on the properties.
“Tax the second home owners more” - seriously get tae fwck as the Scottish say.
gotoPzero said:
Yeah I was hoping for 24k x 2 but its not possible. Its not something I know anything about but having read a bit now it seems that there is no easy way to do it.
Does it have to be sold now?You could mortgage it for the £ you need out and hold it to - who knows what future CGT will look like.
Welshbeef said:
CGT on second homes or ones you inherit etc is a royal PITA.
Those without / envy simply don’t realise the tax that is already burdened on the properties.
“Tax the second home owners more” - seriously get tae fwck as the Scottish say.
You do realise that CGT is only charged on the (otherwise untaxed) increase in property value since you acquired it? Right? I do appreciate that it would be hugely out of character for you to blunder in making sweeping statements on issues you don't really understand, but I thought I'd just check.Those without / envy simply don’t realise the tax that is already burdened on the properties.
“Tax the second home owners more” - seriously get tae fwck as the Scottish say.
deckster said:
Welshbeef said:
CGT on second homes or ones you inherit etc is a royal PITA.
Those without / envy simply don’t realise the tax that is already burdened on the properties.
“Tax the second home owners more” - seriously get tae fwck as the Scottish say.
You do realise that CGT is only charged on the (otherwise untaxed) increase in property value since you acquired it? Right? I do appreciate that it would be hugely out of character for you to blunder in making sweeping statements on issues you don't really understand, but I thought I'd just check.Those without / envy simply don’t realise the tax that is already burdened on the properties.
“Tax the second home owners more” - seriously get tae fwck as the Scottish say.
Do you know you need to MOT and insure a motor vehicle annually to use it in the queens roads?
Do you know when you go into a shop and pick up items you need to pay for those before you leave/they are not free to you?
Panamax said:
The catch with CGT is that it's a tax on inflation. As such it's a form of "wealth tax".
FWIW Stamp Duty is also a wealth tax and, in UK terms, works as a "South of England Tax".
So if Boris is genuinely committed to Levelling Up he needs to substantially increase taxes in the north.
It does seem rather odd that cash or equity or specifically equity in property assets can all be in ISAs yet it’s privately owned you get hammered by the tax on inflation. FWIW Stamp Duty is also a wealth tax and, in UK terms, works as a "South of England Tax".
So if Boris is genuinely committed to Levelling Up he needs to substantially increase taxes in the north.
Doesn’t sit right really.
Maybe the tax wrapper should be removed from pensions and ISAS tessas and PEPs and principle primary residences.
Then have a grown up discussion on what and why certain things should be hidden in a tax wrapper and others not
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