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?
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