Have Tax Questions? Ask a Tax Expert for Answers ASAP
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question.
You would appear to have searched the position pretty fully. There is one possible loophole; if you go out of the business altogether then Entrepreneurs' Relief will apply to any capital gain which is levied at 10% as opposed to the normal 18% or 28%.
You could put some properties in a pension fund but that is a complex process and you would require trusted, local professional assistance. In any event the transfer would be a disposal in your Inheritance Tax (IHT) affairs.
I am so sorry to have to rain on your parade.
By selling off all your buy to lets. If you go out of that business Entrepreneurs Relief will almost certainly apply.
You have a problem there. I am answering you from a country 6 hours ahead of BST so the cost would be prohibitive.
No, follow up questions are free.
Well you could sell out over a tax year. Alternatively you could advice your tax office that your sales intention are to go out of the buy to let business.
Indeed, that is a possibility and it is also the easiest way out..
Delighted to have been of assistance.
Please be so kind as to rate me before you leave the Just Answer site.
Thank you for your support.
Indeed you can. There is a lifetime limit of 10M. If you are a higher rate taxpayer the relief will not apply and the gains will be taxed at 20%