How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask bigduckontax Your Own Question
bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3817
Experience:  FCCA FCMA CGMA ACIS
75394688
Type Your Tax Question Here...
bigduckontax is online now

I am currently in the 40% tax bracket. I was thinking about

Resolved Question:

I am currently in the 40% tax bracket .
I was thinking about selling my rental property .
I have made approximately £70,000 profit over the last 12 years .
For capital gains tax would it make a difference if I sold now whilst in current tax bracket or would I be better to wait till I retire in 5 years time when I will be in the 20% tax bracket .
What difference would this make to my capital gains tax bill for this property .
Submitted: 9 months ago.
Category: Tax
Expert:  bigduckontax replied 9 months ago.

Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question.

If you sell now your net capital gain after your Annual Exempt Amount (AEA) of 11.1K will be taxed at 28%. If you wait a few years a proportion and maybe all will only suffer 18% taxation.

I do hope that I have ben able to point you in the right direction.

bigduckontax and other Tax Specialists are ready to help you
Expert:  bigduckontax replied 9 months ago.

Thank you for your support.

Related Tax Questions