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Where Taxpayers and Advisers Meet

Search found 4 matches

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by George drake
Sat Jul 13, 2019 11:47 am
Forum: Capital Gains Tax, CGT
Topic: CGT and PRR on sale of Property
Replies: 4
Views: 5260

Re: CGT and PRR on sale of Property

Thank you for your input. I believe that GT for spouses is dictated by the rules found in TCGA 1992 s58 which means that the 49% interest transferred goes across at cost. S222(7) is also relevant. Had property 1 been owned 100% by me then s222(7) would mean that on transfer half the relief would be ...
by George drake
Fri Jul 12, 2019 10:06 pm
Forum: Capital Gains Tax, CGT
Topic: CGT and PRR on sale of Property
Replies: 4
Views: 5260

Re: CGT and PRR on sale of Property

Thank you. I am just not sure what the acquisition and disposal figures will be? Let’s say: 1. we bought for £150k in equal shares 2 I transferred 48% leaving me with 1% when we started letting. 3. I am transferred back the 48% when we are ready to sell. 4. We dispose at £250k and hold equal shares....
by George drake
Fri Jul 12, 2019 9:54 pm
Forum: Capital Gains Tax, CGT
Topic: CGT and PRR on sale of Property
Replies: 4
Views: 5260

CGT and PRR on sale of Property

Hi My husband and I owed and lived in property 1 for 10 years before buying and moving to property 2. Property 1 was let out when we moved to property 1 and a declaration of trust and form 17 filed with HMRC allocating 1% to me and 99% to my husband. We have paid income tax for about 5 years on that...
by George drake
Sat May 19, 2012 9:14 am
Forum: Property Taxation
Topic: Offset interest on own residence against rental income
Replies: 1
Views: 331

Offset interest on own residence against rental income

Hi All My husband currently owns a rental property without a mortgage. It is worth about £135k and is rented at £675 a month. We are looking to move house and so are going to sell our main home (worth about £220k on which we have a £98k mortgage) and buy a new house for around £350k. We will port ou...

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