News1 min ago
A question about capital gains tax.
I bought a one bedroom flat in 2002 which I lived in for 8 months. I have rented it out ever since.
I now want to sell the flat, but do I have to pay capital gains tax?
Many thanks in advance.
I now want to sell the flat, but do I have to pay capital gains tax?
Many thanks in advance.
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I dont know if this will be of any help but I was in the same situation.I went to ask the advise of an accountant and after some number crunching he advised that the best way was to transfer half of the property into my partners name(at a lower figure than I wanted to sell for)
This meant that my partner had to buy a half share so it involved a bank and a solicitor and a lot of faffing about but it did cut the capital gains considerably.
So in a nutshell yes I think you will have to pay capital gains but get advise from an accounant
This meant that my partner had to buy a half share so it involved a bank and a solicitor and a lot of faffing about but it did cut the capital gains considerably.
So in a nutshell yes I think you will have to pay capital gains but get advise from an accounant
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