The CGT trap

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C
Confusedush
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I have owned a rental property near to my own home for 12 years. I want to relocate and my idea was to sell both my home and the rental property and relocate to another part of the country - buying a home for myself and a new rental property nearby. Then I found out about the swathing CGT I would have to pay. And there seems very few ways of reducing the hefty amount I would have to pay.
It seems rather short sighted of the Government in being so greedy. If the CGT was reasonable I would take it on the chin, but no way am I, or can I afford to lose nearly 30% of the gain.
They have hiked rates up, done away with taper relief and the allowance is pathetic.
It does seem unfair that I cannot get some form of abeyance as I will be buying another property. Apparently in America you can avoid the CGT if you buy another investment property with the proceeds of a sale of one. This seems far more reasonable.
So for now I have to stay put and wait until the rates become more reasonable - if they do.
I wonder how many other people are hanging on to properties because of high CGT rates......

12/07/2015 20:21

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