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Where Taxpayers and Advisers Meet

Selling flat

chalre
Posts:8
Joined:Fri Nov 02, 2012 11:26 am
Re: Selling flat

Postby chalre » Sun Feb 02, 2014 3:23 pm

My total income was 38,600 from my teaching job.

Then I got 12x600 rent for the flat I am disposing of.

I also got 12 x 650 rent for another flat I am renting out.

I also got 3 x 800 of another flat that I have just started to rent out.

Does this make sense?

So in total, would the figure come out cheaper if I put my partner on it? If so, then that is great because I can call my solicitor and get him to add her on to the deeds quickly. (Would it matter that she was put on at the end, and not at the beginning when I first bought the flat?)

I wish I could do something in return for your kind help.

Many thanks again

Tomo

Peter D
Posts:10668
Joined:Wed Aug 06, 2008 3:37 pm

Re: Selling flat

Postby Peter D » Sun Feb 02, 2014 4:28 pm

You need to establish your total income for the entire FY that you dispose of the flat as it is that marginal tax rate that will trigger 18% or 28% CGT. It sounds like toy will be paying 28% CGT.
If you have not lived in the property then adding an owner will allow them to use there CG Allowance and probably bring your tax bill down to zero. This must be done and dusted prior to any exchange of contract for the sale.
Regards Peter


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