Capital Gains Tax change - Landlords who sell urged to be quick
Landlords who intend to sell their properties this year are being urged to act quickly ahead of the Capital Gains Tax allowance change announced in the Autumn Statement.
Chancellor Jeremy Hunt announced that the current allowance of £12,300 is being halved to £6,000 from April 2023 and then cut again to £3,000 from April 2024. That could mean an increased tax bill for many landlords planning to sell this year.
Andrew Parker, auctioneer and managing director at SDL Property Auctions, says Capital Gains Tax is charged on any 'gain' or profit you make when you sell or dispose of assets that aren't within an ISA. So - he says - landlords and second home owners are at risk of paying more come the new tax year.
Commercial properties may also be affected if you lease out any part of your property or use your home as a business premises.