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Where Taxpayers and Advisers Meet
Second Property Tapered Tax releif and CTG
Hi, I have a 2 bed property that I bought in 1980 I lived there for 10 years then moved out in 1990, and have rented it ever since. I am thinking of selling it to buy a larger property to let. I realise I will have to pay CTG but will also have tapered tax relief. If I put my husbands name on the deeds would I still get the tapered tax relief? Also, who calculates this for - accountant, solicitor or tax man? Thank you for any help.
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deanshepherd
- Posts:1019
- Joined:Wed Aug 06, 2008 3:23 pm
An accountant or tax adviser will be able to deal with the CGT payable on the property. Certain solicitors may do this for you but most will just deal with the conveyancing.
Depending on your husbands circumstances it may not be beneficial to transfer ownership to him - particularly if he has not lived in the property at any period of time.
Currently you will get 13/26 years tax free due to Principal Private Residence (PPR) relief. The remaining 13 years may also be exempt, up to a maximum of £40,000. You will also have indexation allowance, taper relief and your annual CGT exemption.
The CGT payable may not be all that significant compared to the sales proceeds.
Dean
dean.shepherd@mmi-online.co.uk
MMI Accountancy
www.mmi-online.co.uk
Depending on your husbands circumstances it may not be beneficial to transfer ownership to him - particularly if he has not lived in the property at any period of time.
Currently you will get 13/26 years tax free due to Principal Private Residence (PPR) relief. The remaining 13 years may also be exempt, up to a maximum of £40,000. You will also have indexation allowance, taper relief and your annual CGT exemption.
The CGT payable may not be all that significant compared to the sales proceeds.
Dean
dean.shepherd@mmi-online.co.uk
MMI Accountancy
www.mmi-online.co.uk
