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Additional Details
each state. (Yahoo truncated my ... |
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Additional Details
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Billy-O | Capital Gains Tax Explained? |
I understand the theory of CGT but I would like to clarify it.
If I bought a second home and rented it out as an investment for retirement and had 2 mortgages for where I lived and this rented property. If I bought the 2nd house for £100,000 and payed this off over 25 years through the mortgage and then sold it for £100,000 would I have to pay capital gains tax on all of the £100,000? |
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Unbiased.co.uk Find an IFA
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The capital gains tax will relate to the initial value of the property and what you have sold it for. For example you buy it for £100,000 and sell for £300,000, so the gain is £200,000 and under the regime that is proposed by the current government you will have to pay tax on the £200,000 at your highest rate. As this would push anyone into the highest rate you will pay:
50% tax on the gain
your basic allowance will be reduced by £1 for every £2 over £100,000 of earnings which will mean you will pay tax on your first £6475 where you wouldn’t normally. Fair? Hardly
Disclaimer:
The answers above are for guidance only and should not be acted upon without you receiving independent financial advice relevant to your circumstances. To find and IFA please go to http://www.unbiased.co.uk |
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raysor
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No. CGT, as you say, is Capital Gains Tax. A tax on capital gains. If you buy the 2nd home for £100,000 (mortgage, cash it doesn't matter) and later sell it for £200000 you have made £100000 profit which is a capital gain and therefore subject to CGT. CGT is currently 18% thus the tax would be 18% of £100000. Looks like it will go up to 30% or 40% (the same as your tax rate) in the budget. Although there may be some sort of taper relief (the longer you hold the asset the less CGT you pay). If you hold the property within a company then you can claim maintenance costs. Also, at present there is an individual tax free allowance of just over £10000 (so thats £20,000 for husband and wife). This will probably come down to £2000 or so in the budget. Any asset that is disposed of is liable to CGT So that is property, shares etc. Of course capital losses can be offset against capital gains. |
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Schofields
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One option is to holiday let, as furnished holiday lettings currently benefit from more favourable tax status.
These qualify for entrepreneurs’ relief on the basis that they are trading businesses. To qualify, the property has to be available to the public for 140 days within a given tax year and has to be occupied by holidaymakers for at least 70 days a year, not more than 31. |
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Boris
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No - you would only have to pay CGT on the GAIN. So for example, if you sold it for £150,000 -- that would be £50,000 gain, and that would be taxable at -- it seems - 50%. The whole thing is designed to drive people with a bit of cash to invest, out of the country. It's mad. |
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