Capital Gains Tax query when selling rental properties

Christabel

Hello, not sure I'm in the right forum but I'm sure someone can help. In a couple of years time my husband and I will have to sell two rental properties as our interest-only mortgages are at an end and the building society want their money back, understandably. Both are due in the May of 2021.
Is the tax year for CGT April to March does anyone know? We'd like to sell the houses in two different tax years to maximise our allowances, otherwise we're going to end up using our annual allowance on the one and having to pay CGT on all of the profit of the second one.
Any tips would be appreciated please. We're not talking huge sums here but still ...

G_M

Yes, tax year runs 5th April to 4th April.

You get an annual CGT allowance (each) in each tax year.

pinklady21

There is a Cutting Tax board on MSE as well - might be an idea to post any queries on there.

HappyHarry

G_M wrote: »

Yes, tax year runs 5th April to 4th April.

You get an annual CGT allowance (each) in each tax year.

Are you sure about those dates? :huh:

sheramber

6th April to 5 th April

dimbo61

Just because your building society Might want the mortgage repaying does not mean you can't find another lender.
Maybe a chat with a whole of market mortgage broker will help

Christabel

dimbo61 wrote: »

Just because your building society Might want the mortgage repaying does not mean you can't find another lender.
Maybe a chat with a whole of market mortgage broker will help

Hubby will be 75 when the mortgage deal ends and it seems they won't lend to the over 75s. To be honest though we want to sell up now. Its been great and I'd do it again in a heartbeat but all good things come to an end.

00ec25

Christabel wrote: »

Any tips would be appreciated please.

have you ever lived in either property as your main home whilst one or both of your were owners whilst living in it?

if not, then yes the tax year is 6th to 5th and selling in separate tax years would give you your allowances in full for each year

I assume both properties are jointly owned? If not there would be an advantage to having joint ownership if you are legally married (but not if you aren't).

Christabel

Thanks for the info. no we've never lived in either of them and yes, we must do our best to make sure they are sold in different tax years.