CGT on off plan flat in London?

skillboy

Hi All

I currently own and live in a flat in London and have bought another flat off plan which will be completed in about a year.

The off plan flat has gone up in value and I was thinking of selling it before completion for a profit of perhaps 60,000 pounds.

I believe that I would have to pay CGT of 28% on this amount as I am a higher rate income tax earner.

Is there any way that I can shelter this capital gain so that I can reduce my CGT bill?

Any feedback greatly appreciated.

00ec25

in your other thread you state you are non resident for UK tax as, although a British citizen, you live overseas so either that is no longer so for your other thread or you living in a flat in London per this thread gives a misleading picture



in essence there is no way to "shelter" your gain on a residential property that cannot (yet) be lived in

skillboy

Thanks, actually this thread is for my friend who doesn't use this forum and so asked me to post it.