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The Seven Deadly Tax Saving Strategies - Three of Seven
Welcome to the Third of Seven Property Tax Saving Strategies brought to you by Homes Seekers on behalf of Amer Siddiq.
Strategy 3 – Pay No Property Capital Gains Tax
Maximise the ‘private residence relief' to wipe out your property capital gains tax
I really hope that the previous two Property Tax Strategies have illustrated how you can easily reduce your ongoing income tax bill!
Don't forget: The main reason why we invest in property is to make SERIOUS money when we come to sell the property.
After all, why should we have to move to the Middle East to benefit fromtax-free income, when through some careful planning we could just as easily achieve it here, by investing in property!
One of the easiest ways of making money through property is to pay less tax.
And an even better way is to PAY NO TAX at all, by utilising legitimate tax-planning strategies!
How much do you want to make from your investment?
The reason I ask you this question is because we have all thought about it before we purchased our properties.
If you are a reserved investor who has invested in the cheaper two-bed terraced houses, then maybe you have thought about a £50,000 profit when you sell your property.
Or, alternatively, if you are a more ambitious or adventurous investor, investing in an u- market area, then you might expect around £150,000.
Either way, when you were thinking of your long-term profit targets, did you ever think about how much tax you might you have to pay when you eventually sell your property?
I bet you never did!
Well, consider the following.
If at the time of selling your property you are a higher-rate taxpayer, then you can kiss
goodbye to a maximum £20,000 of profit, or £60,000 if you are a more ambitious investor!
OUCH! There went your Porsche or your luxury holiday!
Over the past two or three years alone, such gains have been realised almost all over the country, yet most people have had to accept the huge tax liabilities.
Well, there is no need to do this going forward, especially if you put this strategy firmly into your mind!
If you follow either of the two strategies below and your investments give you your expected returns, then YOU WILL have a tax-free gain to do with as you please.
About the Author: www.propertyconceptonline.com provides readers with the latest reviews, articles, commentaries and write-ups on Tax Saving Strategies, sell your property, annual income tax bill related subjects.