Traceyann:I never knew that. That was going to be my strategy for reducing my CGT on my properties. Is there no way to get round this or is it just a case of biting the bullet.
When you read RDPD, one of his key strategies for building his portfolio was buy-renovate-sell, or buy-renovate-let to tenants-sell on. However, in the USA most states reward adding value to assets by allowing relief from tax from the resulting revenue gain provided this gain was re-invested in property.
Would that this country rewarded those that invested in property. Unfortunately, everything that moves* here is taxed - be it savings, (unless locked away in an ISA) gains, or profit.
* and even things that don't move are taxed - so if you have worked hard all your life to build up an inheritance (out of taxed income/gains as well) rather than being a dosser, lazing your life away on benefits, on your demise anything above a nominal sum will be taxed, and greatly
David
Long ago, below an picture of a 4-masted sailing ship in a heavy storm was added: "A ship in a harbour is safe, but that's not what a ship is designed for"