Many business owners look to property as an alternative to a personal pension. But when it comes to selling up, how can the tax payable be kept as low as possible? Lesley Stalker, head of tax at Robert James Partnership, explains.
For a long time now business owners have looked to property as a safer alternative to having a personal pension. A large proportion of entrepreneurs now own more than one property and indeed have used the equity within their property interests to fund business expansion.
But what about when it's time to sell up and release some profit from these investments? How can the tax payable on any gains be minimised? By carefully using your right to elect appropriate properties as your principal private residence (PPR), there are numerous ways those with more than one property available for private use can limit their tax bills.
This second article in the monthly series from Robert James Partnership considers two common scenarios. Firstly, what options exist for entrepreneurs whose work dictates they have to move and rent out their main residence?
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