Capital Gains Tax Changes

 
It's not just me (thomas) who writes in this section. Our mortgage associate Sarah Gwilt had an interesting conversation with a client the other day and thought it might be worth mentioning .....
Client has had a property for 20 years of which he lived in it for the first 9 years and then later rented it out.  He decided in the summer to sell the property, just wanted to brighten it up before putting on the market, his accountant worked out that with indexation, taper relief and capital gains allowance there would be no capital gains tax to pay.  With the changes announced in the October pre-budget report if his house sale in not complete by 6th April 2008 his tax liability could be up to £20,000.  If you have a tenanted house and are considering selling, speak with your accountant or contact Bob Cummings who's written an article concerning this issue which is appearing in the next issue of Dentistry. Bob is the Tax Manager of Humphrey & Co (National Association of Specialist Dental Accountants - NASDA) and you can contact him by clicking here
Sarah