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The Property Podcast
ASK453: What if I can't pay the tax when I sell? PLUS: How do I get my dream job in property?
Nov 5, 2024
Rob & Rob tackle a listener's concerns about remortgaging and capital gains tax implications when selling properties. They break down the differences in tax treatment between individual and limited company investors, offering valuable tips for maximizing returns. Another listener seeks advice on transitioning from recruitment to a career in property, prompting a discussion about networking and the importance of leveraging transferable skills. The conversation emphasizes determination and strategy for those looking to break into the property sector.
08:15
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Quick takeaways
- Understanding the relationship between capital gains tax and remortgaging is vital for effective property investment and financial planning.
- Leveraging transferable skills and building connections are crucial steps for successfully entering the property industry despite potential setbacks.
Deep dives
Navigating Capital Gains and Remortgaging
When considering the implications of remortgaging, it's essential to understand the relationship between capital gains tax and property investment. If properties are held under a limited company, capital gains tax does not apply, allowing for a simpler financial framework during remortgaging. For those who invest in their own name, capital gains tax only affects the profit made, not the total property value, which means the increase in equity can buffer against potential tax liabilities. It's advisable to calculate equity and tax implications before remortgaging to ensure that the risks are manageable and that sufficient profit is available in the event of a sale.
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