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Tony Tax
Tony Tax, Tax Consultant
Category: UK Tax
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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My wife and I have owned a buy to let flat since2085,we want

Resolved Question:

My wife and I have owned a buy to let flat since2085,we want transfer about 50%of it to one or more of our children,to mitigate CG,I understand we have about 21000 pounds allowance jointly,what other expenses can we claim against CG.also how soon after the transfer ,assuming we use two different tax years, can we sell the property Thanks,Tim.
Submitted: 11 months ago.
Category: UK Tax
Expert:  Tony Tax replied 11 months ago.
Hi.

Is there a mortgage on the property? If so, how much is outstanding? Will your son be assuming any legal responsibility for part of the mortgage if there is one?
Customer: replied 11 months ago.
No mortgage

Expert:  Tony Tax replied 11 months ago.
Thanks.

If you transfer half the property to one of your children in the current tax year and sell it in the next tax year, you should have no issue with the tax office.

When you sell a property, you can claim the expenses of purchase and sale including stamp duty, search and other local authority fees as shown on the completion statement, legal fees, survey fees, selling agent fees, legal fees home pack fees and VAT.

As there is no mortgage, there will be no stamp duty on the gift of half the property to one of your children so long as there is no cash being paid by your son which I would surmise is not the case as you say it is a gift.

I hope this helps but let me know if you have any further questions.
Tony Tax, Tax Consultant
Category: UK Tax
Satisfied Customers: 14165
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
Tony Tax and 2 other UK Tax Specialists are ready to help you

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