Hope someone can give me some guidance ,
I bought a house back in 2000 but had to buy as joint owner with my sister as I couldnt get amount of mortgage I needed .
in 2002 I decided to move but move , could'nt sell my present property but my mortgage company allowed to me to keep my present property allowing me to
borrow against it to fund new property ( joint ownership again ) . My sister then moved into my 1st property though was'nt always there ( was always between parents due to ill health of parents )
In 2015 decided to rent 1st property ie had a couple of lodgers living with sister . Registered for Self assesment , paying tax ( I am higher rate payer my sister is lower )
Now that I am in a relationship , I want to think about removing my sisters name from both houses ,I will be able to clear both mortgages in 2 yoears time .
My question is , how I calculate cgt on selling 1st house . I'm worried that should anything happen to me I would like the most of share of house to go to my partner so should I
change %of ownership to 99/1 % ( my sister would allow this as shes always been just name on mortgage to help purchase ) ie change tenancy to tenants in common from joint tenancy . Ultimately I would like to remove sisters name from both houses , with probably selling the 1st one .
what ways can I reduce CGT payable on 1st house .?
Thankyou in advance
- Home
-
Tax News
- Budgets and Autumn Statements
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings & Investments, Pensions & Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations & Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practice and Methods
- Professionals in Practice & Industry
- General
- TaxationWeb
-
Tax Articles
- Budgets and Autumn Statements
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings and Investments, Pensions and Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations & Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practice & Methods
- Professionals in Practice & Industry
- General
- Tax Tips
-
Tax Forum
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings & Investments, Pensions & Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations and Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practices & Methods
- Professionals in Practice & Industry
- General
- Tax Jobs
- Get in Touch