This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

What tax is payable...

carmela
Posts:1
Joined:Wed Aug 06, 2008 3:10 pm

Postby carmela » Mon Apr 26, 2004 5:16 am

My partner purchased his main residence nearly 10 years ago. Approximately 8 years ago, he moved in with me, so we rented out his property. If he was to sell his property, would he be liable to pay any tax???
I realise that tax is payable on a second home, but this is his only home as my property is in my sole name.
Can anyone guide me please...

accountant@uktaxshop
Posts:550
Joined:Wed Aug 06, 2008 3:04 pm

Postby accountant@uktaxshop » Mon Apr 26, 2004 1:09 pm

Carmella,

Probably is the answer.

The fact your partner lives with you and lets it out means this property cannot be his main residence. (The IR are presumably aware the property is being let out)

However by living in the property as his main residence your partner will be eligible for a number of reliefÂ’s which should reduce the gain quite considerably.

If you would like some computations completed for a modest fee, please let me know.

Regards,

James Smith
Chartered Accountant
www.jamesesmith.co.uk
01284 764436


Return to “Property Taxation”