Tenants In Common And CGT
I own a let property jointly with my husband, as joint tenants. We wish to become tenants in common with my parents, because we owe them a sum of money, which we are not in a position to repay at the present time. My queries are as follows:
1. As we understand it, we would be liable to pay CGT on the transfer of the property to my parents. When would this become payable, at the time of transfer, or when the property was eventually sold? If at the time of transfer, when would the bill become payable?
2. Would we only owe CGT on the percentage of the property we transferred, or on the value of the whole property?
3. Could we transfer various percentages to my parents in different tax years to maximise our personal CGT allowances?
4. When the property is eventually sold, would all 4 people be able to use their personal CGT allowances?
5. If we had already paid CGT when we transferred the property to my parents, would we also have to pay it when the property is sold?
6. The property is mortgaged, on a buy to let. Would this be a problem?
- Corporation Tax Software 392 12
- VAT on commision and connected persons 80 1
- starting a ltd company with intangible assets 42 1
- Clients have been told I'm working from home 1,009 14
- Partnership Tax Return £100 penalty-was a tax return due in this case? 665 18
- How to end partnership for HMRC 83 1
- Auto enrolment 126 1
- First year's sole trader accounts and 2014/2015 tax return 130 1
- Electric Vehicle company car battery rental - how is it taxed? 94 4
- Regular Director bonus 446 11
- Careers advice - is it worth moving from an SME to a corporate? 146 1
- Registration as self-employed 128 1
- BrightPay 1,091 35
- HMRC Summons for £14k 532 7
- SA REFUND; DEFRAUDED BY UNKNOWN PARTY 349 5
- Footballers Testimonials Taxable? 1,109 17
- BIK for an electric car 164 2
- New Practice - Accounting Software 3,630 90
- How do I save face? 2,369 14
- Goodie bag 3,102 72
- Possible Partnership? 689
- Tax and accounting treatment on long lease granted from freehold 534
- Fuming! 513
- New Fangled Penalties 466
- Purchase of property freehold - capitalisation of costs 334
- Charity dissolution and newly merged charity 275
- Moving away from CCH software 265
- Lenovo – Superfish & Komodia – is your PC vulnerable 256
- Outsource Data Entry 255
- Do I need a US Tax Identification Number to complete W-8BEN-E? 207