How to avoid capital gains tax when selling a second property?

rubberduck

rubberduck

rubberduck

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Hey ho!

Looking for some generic advice w.r.t. selling a second property and avoiding the tax 'hit'... I don't want to 'evade' the tax but merely want to 'avoid' paying as much as possible... As we all do :)

Looking for 'perfectly legal' pointers on the subject. I would be interested in any strategy or scheme which is legal and will minimize the tax I have to pay.

Please no hate-monger posts in here..... If you don't have anything useful to contribute then don't post!
 
rubberduck said:
Hey ho!

Looking for some generic advice w.r.t. selling a second property and avoiding the tax 'hit'... I don't want to 'evade' the tax but merely want to 'avoid' paying as much as possible... As we all do :)

Looking for 'perfectly legal' pointers on the subject. I would be interested in any strategy or scheme which is legal and will minimize the tax I have to pay.

Please no hate-monger posts in here..... If you don't have anything useful to contribute then don't post!
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Sorry for the nonsense so far :)

You can offset any unrealised capital losses to reduce the tax bill due. If the property is just in your name you can also transfer part of it to a spouse or civil partner so that they can share the tax burden and benefit from the current CGT allowance.

It can't be condoned, but CGT is often referred to as an honesty tax, one of those taxes that normally becomes due when you declare it. You can work out the risks and the rest...
 
If you're rich enough to have two houses, pony up and pay the tax that's due :rolleyes:

This is why people are selfish ****s and half the population can't afford housing
 
Speak with an accountant it is mostly avoidable. Will cost you a fair amount for the accountant but youll save twice as much using a good one.

Actually how long have you owned the second home?
 
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MrMoonX said:
If you're rich enough to have two houses, pony up and pay the tax that's due :rolleyes:

This is why people are selfish ****s and half the population can't afford housing
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No, it's because half the population didn't try hard enough at school. This 'someone else's fault' culture is far too prevalent.
 
Participant said:
No, it's because half the population didn't try hard enough at school. This 'someone else's fault' culture is far too prevalent.
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Woah...... penis comment right there. I went to a Grammar School, I went to Uni, I Have a modest job but I cant currently afford to get on the property market due to the deposit requirements, (not that i cant afford the mortgage costs).

yes the person you quoted had generalised and made an inaccurate comment but no need to respond with your own douche comment
 
Participant said:
No, it's because half the population didn't try hard enough at school. This 'someone else's fault' culture is far too prevalent.
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Douche bag comment right here!

Many people who are degree educated don't earn £££ because they have jobs actually helping people and society not just coining money from people
 
MrMoonX said:
Many people who are degree educated don't earn £££ because they have jobs actually helping people and society not just coining money from people
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Yep and many of them are ones that did worthless dog **** degrees that couldn't get anything else, but now convince themselves they are doing it for the greater good to increase their self worth as they have been rejected by everyone else.
 
diamount said:
List those careers as I cannot think of any that aren't well paid for their jobs.
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Nurses - the most prevalent profession in the country. Here are the payscales most will be on. Progression is dead man shoes and promotion limited by area. Note due to the coalition being unpleasant chaps people don't progress up the increments and soon won't be given unsocial allowance for night and weekend duty.

Band 5

Point 16 21,478 - Post degree
Point 17 22,016
Point 18 22,903
Point 19 23,825
Point 20 24,799
Point 21 25,783
Point 22 26,822
Point 23 27,901 - Pre retirement
 
I'm sure I've heard nurses earn 26k...regardless people who choose a career in nursing know the salary, owning property is not the be all end all, and op just wanted some answers.
 
MrMoonX said:
Douche bag comment right here!

Many people who are degree educated don't earn £££ because they have jobs actually helping people and society not just coining money from people
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Degree educated? anyone can get a degree, it's not the badge of Honor it used to be. It's on a par with saying I went to school.
 
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Xordium said:
Nurses - the most prevalent profession in the country. Here are the payscales most will be on. Progression is dead man shoes and promotion limited by area. Note due to the coalition being unpleasant chaps people don't progress up the increments and soon won't be given unsocial allowance for night and weekend duty.

Band 5

Point 16 21,478 - Post degree
Point 17 22,016
Point 18 22,903
Point 19 23,825
Point 20 24,799
Point 21 25,783
Point 22 26,822
Point 23 27,901 - Pre retirement
Click to expand...

I know you work in the medical profession so don't think I'm questioning you because I mistrust your motives but why have you just picked band 5 when there are 9 bands?
 
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