Government plots raid on landlords to plug £50bn black hole
3 years ago | 47 comments
Proposed CGT hike in the Autumn Statement?
11:16 AM, 10th November 2022, 3 years ago
13
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Hello, I am being forced to sell my rental property to a developer because of a big development including my property.
I will need to buy another property to rent as I rely on the income.
Other countries allow CGT to be held over to the next property but the UK currently don’t.
If the Government doesn’t want to negatively impact the private rental sector, they should consider this feature.
Without it I doubt I’ll continue in the PRP market.
Will there be a CGT hike in the Autumn Statement?
Chris
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Member Since May 2018 - Comments: 1996
8:37 AM, 11th November 2022, About 3 years ago
Reply to the comment left by Caroline Nicholls at 10/11/2022 – 22:14
So being a landlord automatically makes you a ‘rich’ person (even though you’re not) 🙂
Member Since November 2022 - Comments: 2
1:39 PM, 12th November 2022, About 3 years ago
Reply to the comment left by Beaver at 10/11/2022 – 14:12
My house is in a small cul-de-sac which the other residents have agreed to sell to a developer. If I say no, then the whole development is unviable and I don’t want to do that to the neighbours. I currently rent the property out but have signed an option agreement with the developer, agreeing a price which to be fair is above the market value but I have owned the house for 11 years and the market value has doubled in that time, so I will have a hefty CGT bill.
Member Since December 2021 - Comments: 161
9:20 AM, 13th November 2022, About 3 years ago
Reply to the comment left by Peter at 10/11/2022 – 16:18
You’ve pretty much hit the nail on the head there. The other issue though is inflation.
In 1994 I bought a property that owes me £30k. It is now worth £180k, so I’m liable for tax calculation on £150k.
£30k entered into the BOE inflation calculator gives a current cost of £56.7k.
So to sell, I’m not only being denied my annual CGT allowance, I’m being taxed on inflation as well.
I’ve even wondered if I can transfer a percentage of my properties equal to CGT relief, into a Ltd company each year to gradually shift them, but I won’t live long enough to achieve it!