CGT

[peeweechigs]

Can anyone direct me to a simple explanation of capital gains tax or explain to me?
We own several properties and live in one. I want to stay in this one and ex to move to another.
Financial spilt will need remortgaging others. CGT is so complicated!

If you sell a property that was a second home or rental property, then you pay CGT on the profit you make from the sale - the difference from what you bought it at and what you sell it for.

Some explanations here

www.gov.uk/capital-gains-tax/rates

Are you selling any properties?
If no, there is no CGT due

Not planning on selling any yet, but might have to if remortgaging isn't an option to leverage the percentage split I would like.

Do you have an accountant? Best to ask them. It is complicated and it will depend on what you want to do and the timescales. If you don't have an accountant, now would be a good time to get one. If you do sell, CGT needs to be reported within 60 days.

And from 06/04/23 the personal allowance for CGT reduces from £12.6k to £6k each.