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Where Taxpayers and Advisers Meet

Tricky situation.........how much CGT ?

Ifty
Posts:2
Joined:Wed Aug 06, 2008 3:49 pm

Postby Ifty » Fri Feb 02, 2007 3:32 am

Here's my situation:

I currently live & work in Manchester.

I moved down from Scotland and bought a house in 2000, for me & my uncle to live in.

After 2 years, my sister also moved down from Scotland and started a graduate job but could'nt finance a property on her name alone, so we bought a house together in joint names in 2003 (standard mortageg).

Last year (2006) she got married and moved out and I then got the joint mortgage moved into my sole name only and since then I have been living in the property, but with my uncle and his family still living in the first property.

I now have two properties mortgaged under my name !

I am hoping to start refurbishment works on the current home next month with the hope to sell if a got made a good offer.

I was wandering if I would need to pay CGT if I sold my current home or what other tax liabilities I may incur ?

If tax is applicable, then how do I best minimise the tax amount due ??

Any help appreciated, thanks.

PS. Does anyone know of a good/trustworthy mortgage broker in Manchester ? (I am 2 miles south of the city).

Regards,

Ifty

CDavey9501@aol.com
Posts:513
Joined:Wed Aug 06, 2008 3:13 pm

Postby CDavey9501@aol.com » Fri Feb 02, 2007 5:36 am

Last year is a bit vague as it only ended a little over a month ago. However if you have lived in your current property for the last year or so and it is your main residence for CGT purposes then there may be little or no CGT to pay.

You would need to give us some hard figures and dates when you purchased the property and moved into the property before we can give you an idea of any likely CGT.

Ifty
Posts:2
Joined:Wed Aug 06, 2008 3:49 pm

Postby Ifty » Tue Feb 06, 2007 1:35 am

We bought the the house in joint names in March 2003 and this was transfered into my name around June/July 2006.

PS. I've actually been living in the property with my sister so I can show evidence of residence via. gas, electric, telephone, water bills, council tax etc.

So if someone can work out how huch CGT (if any) I may need to pay back ??

Thanks again,

Ifty


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