Capital gains tax.

[Landlubber]

Hi, im thinking of selling my BTL but im looking for ways (legal) to minimise the CGT, I'm also gonna try and minimise tax due on any interest from the capital when it's invested. Up to our limit with NS&I and cash isas. Any help anyone?

Cheers.

[Panamax]

Landlubber said:

Hi, im thinking of selling my BTL but im looking for ways (legal) to minimise the CGT.

I don't think you've got any opportunities at all. There's the basics of making sure you offset all your buying and selling costs and you can also offset any capital expenditure on improvements, but you can't offset anything you've already claimed against income tax.

As regards the net proceeds of sale there are only a very limited number of things that are outside the scope of CGT, or "inflation tax" as you might call it. The best of them is your own main residence. Aside from that,
Gold coins.
Personal possessions worth up to £6,000 each, such as jewellery, paintings or antiques.
UK Government or 'gilt-edged' securities.
Your car.

[Eric Mc]

Pop over to HMRC's website which sets out the rules.

https://www.gov.uk/report-and-pay-your-capital-gai...

[Landlubber]

Yeah, pretty much as I suspected, I was wondering if there was a 'life hack' I might not be aware of. Ho hum.
Thanks anyway, appreciate you.

[Roger Gerbil]

Deduct any PRR if you lived in the property and capital expenditure can be deducted.

Obviously everyone is different but if you previously lived there and also had major capital expenditure on improvements these could be considered.

Best speaking to your accountant / tax advisor