I bought my flat in 1993 for £72K. I lived in it for 8 years before letting it out. It's still let and is now worth about £280K. I may have to sell it in the next 12 months but my question is should I sell before April given the new CGT law?
Peter D was a star and advised me that I would need to pay about £4K CGT, given all the PRP, taper and letting reliefs. However, that was before the pre-budget announcement.
Will all these reliefs be done away with and simply an 18% tax put on the difference between today's price (guessing £280K) and the original purchase price of £72K which would be a massive 40-50K tax?
Any advice would be much appreciated.
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