Capital gains when you sell: the tax that decides your real return.

Sellers celebrate the headline gain and forget the tax that stands between it and their bank account. On property held long enough to qualify as a long-term asset, the gain is taxed at a concessional rate, but the base cost, holding period and available reliefs decide what you actually keep.

There are legitimate ways to reduce or defer the liability, reinvesting the gain into another residential property, or into specified bonds within the prescribed window, each with its own limits and timelines. Used correctly, they can materially change your net.

The single biggest mistake is selling first and asking about tax later, by which point the reinvestment windows may already be closing. The exit should be structured before the deal is signed, with your chartered accountant, so the reliefs are available when you need them.