The Proposed Capital Gains Tax Changes And They Could Affect You
In this week's show Simon talks about the Chancellor's proposed changes to Capital Gains tax, which are being considered in order to help alleviate the strain put upon the economy by the COVID financial measures, and the impact that these changes could have upon you as a property investor. KEY TAKEAWAYS Capital Gains Tax (CGT) is the tax you pay when you have a property that isn't your own residence, and which is sold for a profit. This increase in value is taxable. You will have a Personal Capital Gains Tax Allowance each year, which is currently £12,300. If you have a partner, then you both get this allowance. Sometimes it can be far more financially viable to hang on to a property rather that sell it and pay CGT from the small remainder. The government are quite happy for you not to dispose of the asset during your life, as when you die, the Inheritance Tax your family will pay is far higher (40%). This is why it can actually be far more beneficial to never pay off your mortgage. BEST MOMENTS 'Taxes do change, and it's important for you to keep up to date' 'If you never sell a property, you never have to pay Capital Gains Tax' 'Do you really want to pay off your mortgage?' 'It's so important to get your head around the way tax works, as it may influence the way you invest' VALUABLE RESOURCES To access more free Creative Finance Strategies visit www.creativefinancetraining.co.uk Property Magic: How to Buy Property Using Other People's Time, Money and Experience by Simon Zutshi To find your local pin meeting visit: www.PinMeeting.co.uk and use voucher code PODCAST to attend you first meeting as Simon's guest (instead of paying the normal £20). iphone: http://bit.ly/pinAPP1 Android https://bit.ly/pinAPP2 Register at Mindset For Property at - www.mindsetforproperty.co.uk ABOUT THE HOST Simon Zutshi, experienced investor, successful entrepreneur and best-selling author, is widely recognised as one of the top wealth creation strategists in the UK. Having started to invest in property in 1995 and went on to become financially independent by the age of 32. Passionate about sharing his experience, Simon founded the property investor’s network (pin) in 2003www.pinmeeting.co.uk. pin has since grown to become the largest property networking organisation in the UK, with monthly meetings in 50 cities, designed specifically to provide a supportive, educational and inspirational environment for people like you to network with and learn from other successful investors. Since 2003, Simon has taught thousands of entrepreneurs and business owners how to successfully invest in a tax-efficient way. How to create additional streams of income, give them more time to do the things they want to do and build their long-term wealth. Simon’s book “Property Magic” which is now in its sixth edition, became an instant hit when first released in 2008 and remains an Amazon No 1 best-selling property book. Simon launched his latest business, www.CrowdProperty.com, in 2014, which is an FCA Regulated peer to peer lending platform to facilitate loans between private individuals and property professionals. CONTACT METHOD Contact and follow Simon here: Facebook: http://www.facebook.com/OfficialSimonZutshi LinkedIn: https://www.linkedin.com/in/simonzutshi/ YouTube: https://www.youtube.com/SimonZutshiOfficial Twitter: https://twitter.com/simonzutshi Instagram: https://www.instagram.com/simonzutshi/