Covid-19 Bounce Back loans for property businesses16:06 PM, 5th May 2020
About 4 weeks ago 47
I own a two residential properties which I let out plus my own home, all of which are in the West Midlands. I would like to move back down to the West Country where I lived some years ago.
I would ideally like to sell all my properties in the West Midlands and buy two properties in the West Country – one in which to live and one to let out as an investment.
The difficulty is that with the recent huge increases in CGT I will be subject to large tax bills on the proceeds of sales on my two investment properties here. This will really hit the amount I have left to purchase in the West Country.
Am I better to sit tight for a while in the hope that CGT tax my come back down to a reasonable level? Or is the 28% rate liable to stay ?
I believe in America if you are selling an investment property with the intent of purchasing another one then the potential tax liability is negated if you buy within six months. This seems a lot fairer than our own punitive tax regime.
Any comments would be appreciated.
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Our mission is to facilitate the sharing of best practice amongst UK landlords, tenants and letting agentsLearn More