CGT and Autumn Budget

167 Posts

Hi All,
I have a rental property that has given problems for years. When the COVID tenants left having not paid in years I opted to repair the house and sell it. 8 weeks ago the sale was agreed and it now nears completion, however, my solicitor called me to advise that in terms of CGT and the autumn budget I could be negatively impacted and should think about terminating the sale. If the sale doesn't compete by next Thursday would changes in the budget impact me?
I have a rental property that has given problems for years. When the COVID tenants left having not paid in years I opted to repair the house and sell it. 8 weeks ago the sale was agreed and it now nears completion, however, my solicitor called me to advise that in terms of CGT and the autumn budget I could be negatively impacted and should think about terminating the sale. If the sale doesn't compete by next Thursday would changes in the budget impact me?
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(Ha sido divertido)
I would imagine IF there are changes your sale should be complete before then. Not great advice from your solicitor, they should be focused on getting everything finalised.
(Ha sido divertido)
If you already have an unconditional exchange of contracts, it is extremely unlikely that any change announced on 17 November will impact the tax liability. Even if you don't, changing the capital gains tax rate part way through the year has not happened before, but we live in strange times. Capital gains tax is a relatively low yielding tax, and in times of inflation can be an unfair one (hence the need for indexation allowances in past times of higher inflation).
(Ha sido divertido)
Perhaps a case of being over cautious?