BTL sold to Son
I have a client who owns a BTL flat and has a BTL mortgage on it for £177k. This was the price he purchased the flat for
The term is about to finish and he is unable to get another mortgage due to his credit rating.
He was thinking of letting his Son buy the flat for £177k. The property is valued at £300k max.
No gain is realised for the Father.
What are the tax implications for the Father [original owner of the flat]?
Because no gain is realised i cannot see any problem. Are my assumptions correct.
- Scottish Independance 575 16
- Can I contribute to SIPP if I pay no salary/dividend from ltd company 40 1
- Car maintenance costs deductible against CT 1,039 15
- Commercial kitchen equipement deemed chattels for SDLT and capital allowances purposes? 86 2
- Do HMRC automatically close inactive PAYE schemes? 226 4
- Autoenrolment and payroll software from April 2015 403 6
- CTA and Tolley's tax handbooks 83 1
- WC's and capital allowances 56 1
- How to complain about HMRC 1,166 13
- HMRC Seminar on Penalties - Did you last the course? 213 1
- Which company is best for online new company formation? 392 8
- Joining the flat rate scheme retrospectively 831 10
- carry back of gift aid 117 2
- VAT Flat rate scheme for property management company 125 3
- Dress code 1,319 29
- CIC Tax - what is trading? 385 17
- What quality paper do you use for correspondence? 717 19
- French Excise Duty - Help Please! 339 8
- NOMINAL CODES 343 4
- Recommendations for Ross Martin Tax Consultancy 2014 752 5
- CTA study material 749
- Anyone have clients that use Pay4Later to offer customers credit? 465
- Raiders of the Lost Tax File 351
- Employment related securities question 299
- AIM Stocks and IHT 275
- Tax Relief for overseas employees 246
- Expat pension contributions? 242
- Trust for Employee 228
- IPP (International Pension Plan) income 140
- Service Charge Accountant Career Options 139