You don’t pay Capital Gains Tax when you sell (or ‘dispose of’) your home if all of the following apply: you have one home and you’ve lived in it as your main home for all the time you’ve owned it.
When and How Much?
A great article we would like to share looks at the mechanics of capital gains tax private residence relief, and how residential property landlords may be able to claim relief.
With landlords facing capital gains tax (CGT) rates of 18% and/or 28% on the disposal of residential properties, this article considers the availability of private residence relief on disposals by landlords.
We at 1st Financial Foundations are always looking to update our clients on how to be tax efficient. This is a great article by Alan Pink who offers a helpful list of tax issues to consider when purchasing a property.
It’s generally recognised that buying a property comes somewhere on the list of highly stressful activities, along with divorce, Christmas, and filling in a VAT return. But the stress involved with arranging finance, chasing your solicitor, chasing your vendor, and wading through reams of ‘searches’ and so on, shouldn’t deflect your mind from considering the potentially very important tax aspects surrounding acquisition of a property.
So, here’s a check list, which hopefully will get you at least asking the right questions, from a tax planning point of view, when approaching a property purchase.
The new Lifetime ISA launch date is 6 April 2017. It will be a no-brainer for first-time buyers as the government will add a 25% bonus on top of what you save – this means there will be £32,000 of free cash. For retirement savings it works the same way, but whether it beats a pension or not is a much trickier conversation. If you would like to assess the options available to you, please contact 1st Financial Foundations for further information on 01908 523 420 or email email@example.com