
Jasmine Birtles on the best course of action right now on capital gains tax hike
Jasmine Birtles is here to clear up the confusion when it comes to pensions and retirement in our pensions and retirement Q&A, which is exclusive to GB News members.
Question “I bought a buy-to-let to support me in retirement. I’ve seen reports about capital gains tax changes. What could it mean for my investment?”
Capital gains tax is one that has been heralded as most likely to go up, so it’s not surprising that you are concerned about your property.
I checked with Shaun Moore, tax and financial planning expert at Quilter, about this and he said: “As a buy-to-let investor, it’s natural to feel concerned about potential capital gains tax (CGT) changes ahead of the budget. However, it’s essential not to make hasty decisions based on speculation. While the government may consider adjustments to CGT as part of their broader tax strategy, there’s no certainty that any changes will directly impact your buy to let investment, especially without knowing the full details of your financial situation. Current rumours suggest that the Chancellor may align CGT rates more closely with income tax rates, which could increase the tax burden on gains from property sales.”
Read the article in full here