Am I too old to increase my wealth?

Am I too old to increase my wealth?

9:20 AM, 20th March 2023, About A year ago 67

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Hello, Any suggestions/advice would be much appreciated. I have a property portfolio with low loan to value ( 20% ) and I am in my 70s and bored!!!

I don’t want to sell up and pay CGT, then IHT. I think I really would like to increase my wealth.

Am I too old to increase my portfolio? Labour may be voted in and may impose a rent cap or they may not.

I could just do nothing but that’s not very interesting.

I’m in a position to substantially increase my portfolio but don’t know what to do and can’t decide.

Any suggestions?

Thank you,

John


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Comments

Andrew Miller

12:30 PM, 25th March 2023, About A year ago

It's Motorhome all the way for us! Ireland and France twice (for Rugby World Cup) is the plan this year.
As a heads up for anyone with ISA funds we've found a great method of sticking with property (It's what we know) but doing it passively and ethically in the care sector. Similar returns to the stock market but with 1st charge security and an extra return beyond the ££££. After all, that's what life is all about.

Karen Dodd

13:06 PM, 25th March 2023, About A year ago

Reply to the comment left by Fred Lawless at 25/03/2023 - 09:59
Snopes! You think they're telling the truth??

KD South East

13:48 PM, 25th March 2023, About A year ago

Reply to the comment left by Karen Dodd at 25/03/2023 - 13:06
Oh yeah haha I missed that about the fact checkers. There was a documentary a few years ago about the people who run Snopes. I wouldn't trust a word they or most other fact-checkers say. Who checks the fact checkers?
Whenever they leave a comment that something is "partly false" they never mention which bits are actually "true". We all have our inherent biases.

nevmc

17:38 PM, 26th March 2023, About A year ago

Is this post a joke.......tbh has this site become a place for people to brag about their assets and how rich they are to people they don't actually know, it's a great site to throw knowledge about but really, it's becoming a bit of a competition for some people......oh, I've got loads of properties and what should I do with them all......most PRS landlords are struggling just to get by, just saying.......

RoseD

21:10 PM, 26th March 2023, About A year ago

Reply to the comment left by nevmc at 26/03/2023 - 17:38
I couldn't agree with you more and that's after a glass of wine! You'd wonder why someone (sorry who ever you are) would raise such a comment especially as some of the answers are so on spot....like get real and enjoy what you've got and not worry about tax, capital gains, etc.
The more you have, the more you want!! Well good luck with counting your fortune

JeggNegg

12:32 PM, 28th March 2023, About A year ago

Life has always been about choices.
Re taxes one can try to minimise and worry about getting it 100% efficient or not worry about it make as much cash as possible pay taxes and live life to the full, while you can.
If our children want to get tax advice to increase their inheritance let them and if they make suggestions to you, and you are happy go along with their requests..

We can be positive or negative about ALL the various TAXES we have in UK..PERSONAL and Company taxes.

Currently taxes are only payable as a % of any gain or value.

I think I am lucky as I have a younger wife so leaving everything to her reduces my IHT,
Would that increase the time to gift assets to use the 7 year rule?
I have no idea about CGT liability on a gift.
But,
Did I read CGT on death is ignored? If assets are transferred to beneficiaries of deceased’s estate their acquisition value is at date of death?

I am not a TAX SPECIALIST, but can one sell a property or asset at below full market price?thus reducing the CGT?

I think tax advice is actually money well spent, especially if you ask specific questions about your options.

Yvonne Francis

13:11 PM, 28th March 2023, About A year ago

If you gift a property, other than your main residence to your children or anyone else other than your spouse, then CGT is at the normal rate.

On death CGT dies with you but IHT kickes in for anyone other than your spouse. I have heard of plans to abolish this so I keep my eye open for this. Nothing definate yet.

When you sell you can not sell undervalue otherwise the taxman could question it.

If your spouse is younger and survives you then there could be time to take advantage of the seven years but then you pay CGT unless it is your main residence, and even if its your main residence lots of rules apply.

It is good to take legal advice but on the other hand I advise consulting Google. There is lots of information online.

John Spring

22:23 PM, 28th March 2023, About A year ago

I’m very interested in comments made by Andrew Miller perhaps Andrew Miller could message me I have not used this site very often and not sure how to message people am

Navro18@gmail.Com

16:34 PM, 30th March 2023, About A year ago

Having started to use pension payments to mitigate tax, I am now seeing how to invest the money in the markets. As a newbie I have found a couple of providers very helpful and they may be worth a look for others; Alpesh Patel (lots of free resources) and The Successful Trader by Jeremy Downing. Not recommending either, just saying I have found useful 🙂

NewYorkie

19:42 PM, 30th March 2023, About A year ago

Reply to the comment left by at 30/03/2023 - 16:34
How do you use pension payments to mitigate tax?

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