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?
- This is getting boring 134 5
- 27,000 Really? 83 5
- VAT - Recharge 160 6
- Employment Allowance 299 5
- Farm barn lettings 22 1
- Legal title not in the company name 416 15
- CIC Company 579 10
- transitioning payroll 300 9
- dividend proposals 210 5
- PPR exemption - can it be due on a bigger area than 0.5 hectares? 285 4
- Can I take action against my accountant for incompetence? 2,880 61
- NALS Accountants Report 193 2
- Do I need to report this to SOCA 3,543 36
- simple one...capitalisation of legal fees on purchase of business 217 5
- Redundancy pay for directors? 550 14
- Has anyone read the implications of the Lisbon treaty? 920 19
- Opening Balances 124 1
- Companies Made Simple Dashboard? 228 2
- Have I dropped a major clanger? 1,411 21
- VAT online filing exemptions 336 4
- Property exchange - 8-year legal delay following fall-out 627
- Cancelled 367
- SAGE Payroll Data for Import to MS Dynamics AX 346
- Cancelled 316
- Have you staged yet for auto enrolment? 291
- Probiz 277
- Free-standing washing machine - unfurnished lettings 245
- VAT on non-profit making clubs (ECJ VS West Dorset Golf Club) 238
- Phishing emails purporting to be from CIPFA? 208
- Is this UK incapacity benefit taxable in UK or Jersey? 179