Simon delves into the crucial topic of tax and how property investors can minimise the amount they pay. The episode covers various types of taxes such as income tax, capital gains tax, and inheritance tax, providing valuable insights on how each tax can impact property investors. Listeners learn about strategies to reduce tax liabilities, including structuring property ownership, utilising tax-efficient company structures, and planning for inheritance tax. 

KEY TAKEAWAYS

• Understanding different types of taxes such as income tax, capital gains tax, and inheritance tax is crucial for property investors to minimise the amount of tax they pay.
• Utilising strategies like changing the percentage of beneficial ownership in jointly owned properties can help lower tax liabilities, especially for higher rate taxpayers.
• Section 24, introduced in April 2017, restricts the ability to offset all interest costs on mortgages against rental income, impacting property owners in higher tax brackets.
• Capital gains tax is incurred when selling a property that is not a primary residence, with the tax rate varying based on the gain from the property's purchase price.
• Planning ahead to mitigate inheritance tax through careful estate planning and seeking advice from tax specialists can help protect valuable property portfolios for future generations.

BEST MOMENTS

"Robert Kiyosaki has a great saying, he says, what you know will make you money, what you don't know will cost you money."

"So, if you would never sell the property, you're never going to pay capital gains tax."

"I think there'll be even more landlords who might think, you know what? Now might be a really good time to sell my property because I'm going to pay less tax on that gain."

"So, really important to get some advice and also get a will in place."

"Generally, for most people moving forward, Buying in a company structure seems to be the most tax efficient way."

VALUABLE RESOURCES

To attend your first pin meeting as Simon's guest visit http://www.pinmeeting.co.uk/, find your local meeting, and at the bottom of the page where you normally pay £20, click on where is says "pay with a voucher code" and use this code: PODCAST. This will by pass the payment page and you can attend your first pin meeting for free.

Property Magic: How to Buy Property Using Other People's Time, Money and Experience by Simon Zutshi

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To find your local pin meeting visit: www.PinMeeting.co.uk and use voucher code PODCAST to attend you first meeting as Simon's guest (instead of paying the normal £20).

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Simon Zutshi, experienced investor, successful entrepreneur and best-selling author, is widely recognised as one of the top wealth creation strategists in the UK. Having started to invest in property in 1995 and went on to become financially independent by the age of 32.

Passionate about sharing his experience, Simon founded the property investor’s network (pin) in 2003 www.pinmeeting.co.uk.    pin has since grown to become the largest property networking organisation in the UK, with monthly meetings in 50 cities, designed specifically to provide a supportive, educational and inspirational environment for people like you to network with and learn from other successful investors.

Since 2003, Simon has taught thousands of entrepreneurs and business owners how to successfully invest in a tax-efficient way.  How to create additional streams of income, give them more time to do the things they want to do and build their long-term wealth.

Simon’s book “Property Magic” which is now in its sixth edition, became an instant hit when first released in 2008 and remains an Amazon No 1 best-selling property book.

Simon launched his latest business, www.CrowdProperty.com, in 2014, which is an FCA Regulated peer to peer lending platform to facilitate loans between private individuals and property professionals.