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How to shelter your property sale profits from the taxman
Tax hacks: using exemptions can prevent huge capital gains tax bills
4 May 2021 • 6:00am
In Tax Hacks, our columnist Mike Warburton – previously a tax director with accountants Grant Thornton – brings you his best tax-saving tips. Tax Hacks is published twice a month on Tuesday mornings, you can email Mike on taxhacks@telegraph.co.uk
Despite the pandemic, a recent report says the value of UK residential property has increased this year by 5.3pc, to a total of £7.6 trillion.
That is all the more reason to make sure that you benefit in full from the best tax relief available; the principal private residence (PPR) exemption from capital gains tax.
Ace of Base EffectsBrace yourself for base effects. The great reflation trade of 2021 faces an important confrontation with hard data over the next few weeks, a
Council tax bills will rise 4.4pc this tax year
In Tax Hacks, our columnist Mike Warburton – previously a tax director with accountants Grant Thornton – brings you his best tax-saving tips.
This tax year HM Treasury will collect more from council tax than from capital gains tax, inheritance tax, fuel duty and alcohol duty combined.
Despite this being a substantial outgoing, many of us do not know how the tax is worked out or how to reduce it. Last month it was revealed tax on typical Band D properties will rise by about 4.4pc, well above inflation.
Rates vary widely across the country and it is worth checking how you will be affected by using the calculator in his article. I will concentrate on England and Wales. Scotland and Northern Ireland have different rules.