New CGT rules for landlords who previously lived in their rented property.
I have owned my house for 20 year - lived in it for first 16 years and rented out for the last 4 years.
Is it correct if I don't sell and pay the standard capital gains tax in the next 14 months I will be hit really hard with the new CGT rules?
I don't really want to loose either current tenant or the property as I was planning to move back at some stage, Also If I sell now I'll have 8k penalty to pay on mortgage on top of capital gains.
I was thinking I may be able to set up a limited company and sell my property to the ltd company so I can keep tenant, maybe even rent to myself at a later date and keep CGT to a minimum.
Has anyone got any knowledge or idea's?
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