How to Minimise Capital Gains Tax on the Sale of Commercial Property in the UK?
Commercial property is being seen by many investors as a viable option in diversifying their portfolio. They attract longer term tenants – years in some cases - who take on more responsibility in terms of maintaining and insuring the commercial building, and the rental income is often higher. However, when it comes to selling commercial property there is an added tax liability compared to residential properties.
Investors are subject to Capital Gains Tax (CGT) when selling an investment and the tax on property varies depending on whether it’s a residential or commercial building. Currently, the rate of CGT payable when selling a commercial property in the UK is either 10% or 20%, depending on your personal basic tax rate band and existing income level. Let’s look at the implications of capital gains tax on property in the UK.
Comments
Post a Comment