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Sell your property fast for cash before new Capital Gains Tax changes! Thu, 05 Dec 2013 16:40

Reliefs applying to people who own more than one property are being scaled back in an unexpected tightening of the capital gains tax rules, announced in the Autumn Statement today.

Until now, a property owner could claim gains made in the final three years before the sale of the property as free of tax - provided he/she had at one time, however long ago, used the property as his/her main residence.

The relief was technically known as "personal private residence relief".

This was used by some landlords, or those "accidental landlords", who rent out a property that was previously used as a home, to mitigate their CGT tax liability.

The Government has said the 36-month exempt period will shrink to 18 months from April 2014.

That means that some landlords with suitable properties may wish to sell these properties prior to April next year.

The average sale in the U.K. takes around three months, but this could extend to even longer as a recent news report suggested that, due to a shortage of valuers, properties were waiting up to 6 weeks for the buyer's lender to get a valuation undertaken!

This may mean that some landlords should consider selling a property for cash now to beat the tax change deadline.

Michael Wright of Rental Income Tax Advisors told Dream House Buyer:

"Today saw the Chancellor's Autumn statement, and there were two big changes to the CGT rules.

The first is that from the new tax year, starting 6th April 2014, the 36 month PPR relief available on certain property sales is to be reduced by 50% to 18 months. 

This is obviously going to affect a large number of taxpayers, but in the meantime, it does create planning opportunities.  The second change starts from 6 April 2015, whereby non-residents who sell UK residential property, will be faced with a capital gains tax liability.  So again, it is bad news for the future, but there is time to make plans!"

Richard Hill, Founder of Dream House Buyer, commented:

"The halving of PPR and overseas residents to incur capital gains when they sell a U.K. property has sent a few shockwaves through the property industry and may trigger some landlords to think about selling their properties before this tax incentive is halved in April 2014.

If you would rather cash in your property now, then call us for an informal conversation and we can discuss your options in more detail. We specialise in buying property fast, and we can structure the transaction at the speed you request.

However, we are coming up to Christmas when activity diminishes significantly, so a sale will only become likely in January. That said we still have a few working weeks until Christmas, and if you really wanted an immediate cash sale of your property we would be able to accommodate this. The new property tax rules give landlords just three months to get a sale in the before the tax change kicks in.

Selling a property for cash at a discounted price may leave the landlord with more cash in his pocket than selling a property after the removal of the PPR relief".

Dream House Buyer is a family owned property buying company that considers all types of property, and we buy property with sitting tenants too, regardless of how long they have been your tenants.  We will make an instant cash offer for any property in the UK, regardless of the size, location, condition or value.

We will buy any property that you might consider a problem - including property with sitting tenants, flats with short leases, problem tenants, unmortgageable and structurally damaged property.  We also buy ground rents and portfolios. If you think we can help, then please invite us to make you an immediate cash offer for your property.

Contact us on 0800 1577 497 or email us info@dreamhousebuyer.co.uk


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