Wednesday, March 12, 2008

How to avoid paying 18% on your gains – sell now

How to avoid paying 18% on your gains – sell now

Controversial changes to capital gains tax come into force next month. Find out what the new rules mean for you, and whether you should take action now to avoid paying more. Also, the new rules mean a glut of buy-to-lets may hit the market, as landlords seek to offload before the change.

Posted by damien @ 12:44 PM (764 views)
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5 thoughts on “How to avoid paying 18% on your gains – sell now

  • A friend of mine has just sold his BTL flat for £92K. Not a great sum I know, but he only paid £11K for it in the last crash as a repossession. He thinks that now is indeed a good time to sell (in his particular case).

    I don’t know about the ‘glut of buy-to-lets hitting the market’, but the buyer of this flat is another BTL. Also interesting to note that my friend sold it STC 2 months ago to a prospective owner occupier for £89K, but got the higher price from the BTL when the first sale fell through.

    There are still plenty of mugs out there, so BTL alive and well despite all the negative press?

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  • pd

    That would correlate with what I’m seeing in my area. To Let signs popping up straight after the For Sale sign comes down.

    This is in an area that has had a lot of historical BTL activity, and I think the mugs are still at it whilst the clued up scarper.

    However I’ve also noticed a couple of flats for rent at ~£50 cheaper than a few months ago (and still unrented). Could it be that the market has saturated??!

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  • Uncle_monty says:

    On the BTL front, what the report suggest is quite a risky move and assumes huge capital losses will be seen in property this year (20%+). And let’s not forget that Merryn has a HUGE VI in depressing the property market, particularly in London.

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  • mark wadsworth says:

    “sell now” yeah and pigs might.

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  • fahrenheit451 says:

    Love to see a drop in house prices, but rents here are still going up and up. Anything half decent goes before the “To Let” board has gone up. Its all “Let By” everywhere.

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