I bought a 2nd property 4 years ago for 45000 pouds and had relatives livig there rent free.
It is now worth 100000 pounds and I wish to sell it.could anyone please tell me how I can avoid paying capital tax on profit? Can I part sell it to the relative using personal allowance every year or move in myself first.What is the best way?
selling 2nd property
2 posts • Page 1 of 1
by James Smith on Tue Sep 21, 2004 3:43 am
There isnÂ’t a lot that can be done unless you wish to move into the property, then there are a few things which will help reduce the gain.
You cant “slice up” the sale as you suggest, but you may be able to use more than one personal allowance if you are married and transfer the property into joint names.
I suggest you sit down with an accountant to go through your options as applicable to your personal circumstances. Any fee should be fairly nominal.
Regards,
James Smith
Chartered Accountant
www.jamesesmith.co.uk
01284 764436
You cant “slice up” the sale as you suggest, but you may be able to use more than one personal allowance if you are married and transfer the property into joint names.
I suggest you sit down with an accountant to go through your options as applicable to your personal circumstances. Any fee should be fairly nominal.
Regards,
James Smith
Chartered Accountant
www.jamesesmith.co.uk
01284 764436
- James Smith
- Posts: 133
- Joined: Wed Aug 06, 2008 3:10 pm
2 posts • Page 1 of 1
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