How To Avoid Capital Gains Tax In 2024

How To Avoid Capital Gains Tax In 2024

In this video, we reveal the top strategies to avoid capital gains tax in 2024! Learn how to legally minimise your tax liability through expert tips and effective planning. We cover key methods such as utilising tax exemptions, strategic investments, and timing your asset sales. Stay ahead of the game and ensure you keep more of your hard-earned money. Subscribe for more financial advice and tax-saving tips, and don't forget to like and hit the notification bell to stay updated with the latest tax regulations and strategies!

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[davidgoodwin]

You can’t just move in and avoid capital gains … you have to pay for all gains during the time you did not live there..

[chriswelsh]

CGT is still payable for the period it was a BTL even though you have moved in and made it your primary residence

[bobgriffin]

If you make it your primary residence I believe you can only reduce the tax by the proportion of time you live there divided by the time you owned the property. So if you live there for 1 year and you owned it for 10 years you can only reduce your tax by 1/10 = 10% of the bill. If the tax is 28% then you will reduce your tax bill by 2.8% to 25.2%. That is not worth bothering with.

I think that if the profit on your property is £100, 000 and you earned £49, 000 at your job, you will pay 28% on almost all the amount even though you were only paying 20% tax on your job. Once the total of your job plus your profit goes above £50, 000 then you pay 28% on that money over £50, 000. That is how tax bands work.

[TheBobster]

I made 25% on my gold investment over the last 12 months.
On 100k of gold it was the same profit as renting out 5 100k Flats with no income tax, no stress.

[adamhutchinson]

Refurbishment costs can be deducted from your capital gains but not if you have used it as against your income tax bill already (according to my accountant).

[noizymoney]

As per my understanding, capital gains are added to the taxable income. If the combined amount is within basic rate, only then you pay 18% else 24%
So for the 100k profit example, we will end up paying higher rate 24%

[queensberryrulez]

You need to do a bit more reading on the primary residence/btl CGT liability mate this is wrong or at least came across wrong. Could cost some people if they take at face value.

[andywhitfield]

CGT on property is 24% not 28% for HRTP

[Asim]

Much needed video. Looking forward. Thanks

[CiscoPhipse]

If you make a BTL your primary residence before selling, don't you have to change the mortgage to a residential product?
Is there a minimum length of time I have to be there?
What do I do with my main house that I'm moving out of? Change that to a BTL?

[zxpdedandelion]

any time length needed to become the primary residence? X months or years?

[stevewatt]

Primary residence portion will only run from the date it is announced.

[stephenwhite]

I believe CGT allowance is accumulative for 2 years. Great video, I've subscribed, I'm hooked.

[stevewatt]

Gifting is a disposal based on market value and there will be a gain taxable for the period on non-primary residence.

[ef]

maybe you've missed the fact that you would have to look at the mortgage contract terms as a buy to let mortgage does not usually allow you to use that property as a primary residence so you would not simply just be able to move back in.

[TheBobster]

Gold better investment than protperty over the last 20 years.

[CheenaSingh]

Isn't the higher rate of CGT on property now 24% and not 28%

[pardipdev]

if you gift to your kids and you are still living in it, you have to pay your kids the market rent -otherwise its a Gift With Reservation and still liabel for IHT(the 7 year thing is then out of the window)

[simonw]

I have a London property purchased in 2015 that we are most likely going to sell for a loss. Can we in this circumstance claim the stamp duty etc. to offset other tax’s?

[SlackHoffman]

How does it work in the UK 🇬🇧 if someone rents out their only residence? 😎
Great Video James ✊💙