Thank you Annette
I have attached an indicatinve capital gains tax computation which shows a CGT liability of £10,416 each.
For capital gains tax purposes when this tax becomes payable is determined by the date of exchange: if you exchanged before 6 April 2019 the tax will be reported on your 2018/19 tax return and payable by 31 January 2020, if you exchanged on or after 6 April 2019 the tax will be reported on your 2019/20 tax return and payable by 31 January 2021.
In order to give you a worse case scenario I have assumed that the taxable gain is subject to higher rate tax only. Depending on the level of your other sources of income in the tax year of exchange, some of the gain may fall within your basic rate band. Residential property gains subject to basic rate tax are charged at 18% rather than 28%.
You may be able to put some of the property proceeds after tax into your pension but there are various limits for doing so which can be quite complex. Usually people put money into pensions to avoid income tax and national insurance on earnings. I would question whether there are any long term tax advantages of putting the post-CGT proceeds into a pension as you may not be able to make use of the ingoing tax reliefs, and there is a good chance you will suffer some tax when the pension is taken. You cannot get capital gains tax relief for putting the post-CGT proceeds into a pension.
I recommend that you find a financial advisor (if you don't already have one) to help advise you to invest the post-CGT proceeds in something that is suitable for you long term needs in retirement.
If you have any follow up questions, I am happy to help. Otherwise please consider a 5 star rating for my answer.
Kind regards, Peter