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Where Taxpayers and Advisers Meet
overseas property purchase
High rate tax-payer.UK property in joint names with spouse.With potential CGT in mind,is it more efficient to put the overseas property in single name(Spouse- standard tax payer)-property will be used for holidays and some rental in Spain....what is the most efficient way of structuring the purchase and will the rental income be more tax efficiently allocated to my wife?
I know of an arrangement where you can create the position where you can claim pinciple private reidence relief on BOTH properties.
This means, at a minimum that the last 3 years of ownership of the second home would be exempt from UK capital gains tax plus opens up the possibility of cliaming other related relief (e.g. letting relief).
This can be done without affecting the cgt exemption for you current home.
David
info@ssatax.co.uk
This means, at a minimum that the last 3 years of ownership of the second home would be exempt from UK capital gains tax plus opens up the possibility of cliaming other related relief (e.g. letting relief).
This can be done without affecting the cgt exemption for you current home.
David
info@ssatax.co.uk
You need to make a PPR election within 2 years of buying the second property for your first home. This enables you to make a further PPR election at a later time on your 2nd home even for a very short time. You can then re-elct the first home as your PPR. The effect is that your second home has then had a period of being a PPR so it enables you to obtain the relief. A nice trick!
