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

Reducing CGT on investment flat (not previously lived in)

Ashley
Posts:8
Joined:Wed Aug 06, 2008 3:13 pm

Postby Ashley » Sun Nov 21, 2004 12:47 pm

Can I maximise my personal allowance for CGT by selling a proportion of my flat over 1 or more years thereby benefitting from more than 1 years CGT allowance?
Could this be acheived by selling a share of it e.g. 50% to my partner (who I am not married to)in 1 tax year and then selling the remaining 50% at the same time as my partner does and thereby effectively benefiting from 3 lots of CGT personal allowances?
If this is possible would there be any additional costs apart from legal fees and stamp duty? Would the stamp duty be based on the value of the % being sold at any one time? If this is the case could the flat be sold in chunks up to £60 which is under the threshold for stamp duty?
Thank you
Ash

ian.wright@beechams.
Posts:47
Joined:Wed Aug 06, 2008 3:11 pm

Postby ian.wright@beechams. » Mon Nov 22, 2004 2:57 am

I think that if a long enough gap between the first sale and the second sale happens then I think it wouls work! But please bare in mide that the tax man does not like people using his rules to save tax! Then again isn't that called tax planning!


Return to “Capital Gains Tax, CGT”