Hello i am new to this forum and would be grateful for some assistance. For a number of years I have been renovating properties and renting properties out and i have a very basic understanding of tax.
Our queries are:
A) My partner currently has one property for sale (property 1) and another in his name in which his mother resides (property 2) .
Property 1 has been lived in for a number of years by my partner - the house was originally owned by his parents and was passed to him. My partner moved from this house to another residential property and rented the house. am i correct in saying that CGT is due on the increase in the property value from the date at which he moved out of it to the date of sale?
B)Property 2 in which his mother resides is owned outright if we were to transfer this property to his mother in order that myself and my partner can purchase a residential property without paying 2nd home stamp duty how much tax would be due?
c) in looking at a new property to buy for the both of us together we are considering purchasing a run farmhouse with adjoining down barn with planning permission for conversion to two properties. where do we stand on CGT for this ? would it be best for us to buy the farmhouse in his name and the barn in my name, develop each as our "main residence" and sell both individually thereby CGT through the PRR regulation?
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