Do I pay capital gains tax if I buy my asset off my trustee?

Postby chocaholic on Fri Jun 30, 2006 6:02 am

Hi all,
My buy-to-let was bought on my fathers name as the lenders would not lend to me. I paid for the deposit (which I can prove) and I have proof that attempts were made to get a mortgage approval on my name. Also, since day 1, all the property tax returns were completed on my name.
Now, 3 years on, I can get a mortgage on my name, but have been advised (by my mortgage broker)I would have to 'buy' it off my dad. The inland revenue had once faxed me confirmation that any sale of the flat would incur capital gains tax on MY tax returns and not my fathers. So, now, do I have to pay capital gains tax if my main reason for 'buying' is to just get a mortgage on my name, exclusive of my dad?
chocaholic
 
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