Capital gains
Written by Ray Coman
Capital gains tax (CGT) is due on any increase in value of an asset from the time of acquisition to the time of disposal. A person resident in the UK is charged to CGT on worldwide assets.
Capital gains are taxable after deduction of the individual's annual allowance, and any capital losses brought forward. Tax is applied to the gain at a rate of 18% to the extent that it falls within the taxpayer's basic rate band, and 28% thereafter.
Consequently, there could be a tax advantage to disposing of a property in a year in which a person's UK income is lower.
Comments
My wife and I currently own and live in a property in Honor Oak Park and also have a buy to let in Brighton which we plan to move into shortly.
We intend on renting out our London property at least initially but have concerns about our potential capital gains tax liabilities since the property has increased in value significantly since we bought it.
I'm looking for some advice on projected capital gains tax liabilities in order that we can work out when would be the best time to sell.
My number is 07855451219
Thanks and best regards
Ben Johnson