Has Capital Gains Tax Changed In 2023?
The Capital Gains Tax allowance from 1988/89 to 2020/21 increased from £5,000 to £12,300 where it remained until 2022/23. In April 2023/24 the CGT allowance was reduced to £6,000.
There is a suggestion that In 2024/25 that the CGT will be further halved to £3,000.
The Government estimates that in total, the drop of CGT allowance from 2022/23 would mean that over 1,000,000 more individuals would be liable to Capital Gains Tax.
If you are a higher rate taxpayer (in particular, a Buy To Let Landlord), you can expect to see your expenses rise quite sharply, if they haven’t already.
If you wish to sell off a second home or a large chunk of a portfolio, then you may need to act fast and find a way of securing a quick property sale. Which isn’t easy when agents will try their best to persuade you into crossing your fingers and hope for the best.
In most cases, selling on the open market simply won’t cut it, especially when selling a house via an estate agent could take you 100+ days.
Thankfully though, fast house sales aren't actually that hard to come by, providing of course you know where to look.
Take us for example. As a cash buyer of property across England and Wales, we can buy your second house in just seven days!
Our team has in excess of 50 years' combined experience in fast house sales and is well equipped with the industry know-how you need to get your property sold in record time.
We will buy any property, in any condition, in any location. We will buy your property whether it's in need of repair, is a tenanted property or is ready to move in.
We'll even cover the cost of your surveys and legals too, as a special thank you! So what do you have to lose? Avoiding Capital Gains Tax has never been so easy...
