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Capital Gains Tax up to 40%!
StevieJ
Posts: 20,174 Forumite
So it looks like the BTL landlord will be OK under the Tories but the rest of us better utilise our allowances unless of course they take them away :eek:
Meanwhile, in a major revenue raising initiative, the new government will hike the capital gains tax paid on non business assets to 40%, from 18%, the Financial Times reported. A Conservative spokesman was not available for comment.
Meanwhile, in a major revenue raising initiative, the new government will hike the capital gains tax paid on non business assets to 40%, from 18%, the Financial Times reported. A Conservative spokesman was not available for comment.
'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher
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So it looks like the BTL landlord will be OK under the Tories but the rest of us better utilise our allowances unless of course they take them away :eek:
Meanwhile, in a major revenue raising initiative, the new government will hike the capital gains tax paid on non business assets to 40%, from 18%, the Financial Times reported. A Conservative spokesman was not available for comment.
Well that's my retirement plans shelved for quite a long time (if not permanantly) then. It's far better to be continue being a landlord into my 60's and beyond than pay 40% tax on disposal.
Unless of course they are going to reintroduce the old reliefs (taper and indexation, although I would have thought this unlikely).Chuck Norris can kill two stones with one birdThe only time Chuck Norris was wrong was when he thought he had made a mistakeChuck Norris puts the "laughter" in "manslaughter".I've started running again, after several injuries had forced me to stop0 -
chucknorris wrote: »Well that's my retirement plans shelved for quite a long time (if not permanantly) then. It's far better to be continue being a landlord into my 60's and beyond than pay 40% tax on disposal.
But is your house (presumably a 2nd property) not a business asset?'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
But is your house (presumably a 2nd property) not a business asset?
No, second (and subsequent) properties are classed as 'investment' rather than 'business' assetsChuck Norris can kill two stones with one birdThe only time Chuck Norris was wrong was when he thought he had made a mistakeChuck Norris puts the "laughter" in "manslaughter".I've started running again, after several injuries had forced me to stop0 -
chucknorris wrote: »No, second (and subsequent) properties are classed as 'investment' rather than 'business' assets
Then you need to turn them into business assets pronto. Maybe a LTD company?
BTW, could this be the death knell for BTL?In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0 -
chucknorris wrote: »No, second (and subsequent) properties are classed as 'investment' rather than 'business' assets
Yes I remember now, but new govt new rules, so who knows, I can't see them wishing to create a BTL mass exodus.'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
Then you need to turn them into business assets pronto. Maybe a LTD company?
BTW, could this be the death knell for BTL?
I don't think that counts for investments.'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
Then you need to turn them into business assets pronto. Maybe a LTD company?
BTW, could this be the death knell for BTL?
I have been pondering that, but I'm not sure if it would still be an 'investment' held by a limited company. This is an area of taxation I would need to research/get advice on.
Also as I probably would not have sold for about another 10 years anyway, there is always the chance that CGT will be reduced in the future. Additionally holding onto to the properties isn't exactly the end of the world, but I admit I was quite looking forward to one day being free of my landlord duties at some point.Chuck Norris can kill two stones with one birdThe only time Chuck Norris was wrong was when he thought he had made a mistakeChuck Norris puts the "laughter" in "manslaughter".I've started running again, after several injuries had forced me to stop0 -
Yes I remember now, but new govt new rules, so who knows, I can't see them wishing to create a BTL mass exodus.
I don't think that it will create a mass exodus, but I think it may prove to be a barrier to new entrants, which isn't a bad thing for those still in the game.Chuck Norris can kill two stones with one birdThe only time Chuck Norris was wrong was when he thought he had made a mistakeChuck Norris puts the "laughter" in "manslaughter".I've started running again, after several injuries had forced me to stop0 -
chucknorris wrote: »I have been pondering that, but I'm not sure if it would still be an 'investment' held by a limited company. This is an area of taxation I would need to research/get advice on.
Get some professional advice on this. Would be great if you could report what they tell you on here.;)In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0 -
If you only have two or three properties it's irrelevant, as you can simply move into one for 6 months or a year before selling it, making it your primary residence and thus tax free. Then rinse and repeat.
A bigger worry for homeowners and non-homeowners alike is that this would also apply to shares and many other investments. Making saving for a deposit that much harder for renters.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0
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