Capital Gains Tax Bills Soar for London's Second Homeowners
London's second homeowners face a Capital Gains Tax (CGT) bill of thousands of pounds, according to new research.
Over the past decade, rising property values have left many London investors facing significantly higher CGT bills when selling a second home.
However, the Prime London market has remained largely unscathed, and in some cases has even seen a decline in average CGT bills.
- Average property investment in London 10 years ago: £462,097
- Stamp duty 10 years ago: £13,105
- Legal fees 10 years ago: £2,399
- Current property value: £561,587
- Gain: £99,490
- Average agent fee at sale: £9,547
- Legal fees at sale: £2,915
- Total eligible deductions: £27,966
No direct quote available in the text.
Author's summary: London's second homeowners face high CGT bills.
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