Residential property investors will still pay 18% Capital Gains Tax if they are basic rate taxpayers and 28% CGT if they are higher rate taxpayers despite government reducing the rates for residential.
Having just sold a property (that no longer met our high standards) it’s useful to see how you can mitigate this tax.
Our accountants Optimise have great specialist knowledge.
Its easy to be mislead by other people’s advice and on Facebook pages where people comment but you don’t really know if they are knowledgeable or not.
Lots of myths arise like this. My advice is get educated to a level where you know what to ask and use expert advisors – especially in things like tax!
Everyone’s situation is different, but unless you use a property specific accountant they won’t often know the ins and outs of the complex tax laws – which change regularly.
Also if an advisor is also an investor – this is usually helpful as they have current experience too.