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If parents sell their second home, way below the purchase price
If parents sell their second home, way below the purchase price and current evaluation (62,000 below), to a son. Is this gain for the son regarded as a gift and therefore possibly taxable. The house i… read more
Tony Tax
Tony Tax
Tax Consultant
High School or GED
16,044 satisfied customers
Hi I have a query on capital gains tax. I bought my flat
Hi I have a query on capital gains tax. I bought my flat in May 2001 for £225,000. I paid £2250 in Stamp Duty and £1800 in legal fees. I occupied my flat as my sole residence until February 2004 since… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,571 satisfied customers
I purchased some property many years ago for £8000 if I sell
I purchased some property many years ago for £8000 if I sell for £220000 how much capital gains tax will I have to pay… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,571 satisfied customers
my aunty has asked if i would like to buy her property i would
my aunty has asked if i would like to buy her property i would give her 25% of the vlaue she would remain the property until she passes away rent free for my part I will deal with all repairs and ensu… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,571 satisfied customers
I transferred a rental property to my husband in October 2008.
I transferred a rental property to my husband in October 2008. He has now decided to sell it. Can he move into the property and register it as his main residence and therefore avoid CGT? If so, how lo… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,571 satisfied customers
I have just sold my childhood home. It was a right to buy property
I have just sold my childhood home. It was a right to buy property . My mum was the tenant & we bought it in joint names. We purchased it in 1989. I took a mortgate out just in my name & I paid it mys… read more
CCTax
CCTax
Bachelor's Degree
254 satisfied customers
we live in our main home and are contemplating buying out my
we live in our main home and are contemplating buying out my 2 brothers to purchse my mothers house who has just died. If we do this and use a remortgage on our main home to purchase this second home … read more
Sam
Sam
Accountant
Higher Officer HMRC
6,571 satisfied customers
I Bought my house in 1984 for 37500. The house is now worth
I Bought my house in 1984 for £37500. The house is now worth around £250,000. I got married recently and moved to my wife's house. If I sell my house in the future, I know that I will be liable for ca… read more
Tony Tax
Tony Tax
Tax Consultant
High School or GED
16,044 satisfied customers
In 1998 I supplied the funds for my parents to purchase their
In 1998 I supplied the funds for my parents to purchase their council house under the right to buy scheme, after 4 years the house was transferred to me, my parents have lived in the house since then … read more
Sam
Sam
Accountant
Higher Officer HMRC
6,571 satisfied customers
hello i had two residential houses( properties) the one i lived
hello i had two residential houses( properties) the one i lived in for about a year was vested by the local housing executive and i owned it for about a year. i made about a 25,000 pounds when the exe… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,571 satisfied customers
My husband and I separated in 2006 and later that year we put
My husband and I separated in 2006 and later that year we put our marital home into my sole ownership and a rental property we co owned into his name only. I still own a rental flat in my name only. H… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,571 satisfied customers
Good day, My mother wishes to give me her house approx value
Good day, My mother wishes to give me her house approx value £280000. It is her only residence. When am I liable to pay capital gains tax: a) on the day that the gift is made b) at the end of the tax … read more
Sam
Sam
Accountant
Higher Officer HMRC
6,571 satisfied customers
Hello I am a joint owner of a family home that I moved out
Hello I am a joint owner of a family home that I moved out from 3 years ago and now own another property that I have a large outstanding mortgage on. My husband now lives in a flat left to him by his … read more
Sam
Sam
Accountant
Higher Officer HMRC
6,571 satisfied customers
My son purchased his house from a friend after having been
My son purchased his house from a friend after having been joint owner and living in the house for three years. For the last three years the house has been rented to tenants. He wishes to sell the hou… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,571 satisfied customers
Five years ago I agreed to rent out my only UK residence under
Five years ago I agreed to rent out my only UK residence under a rent to purchase agreement at £400pcm over a five year period. The 2 x bedroom flat property has now been valued at £120,000. The inter… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,571 satisfied customers
1. hi there- i am thinking letting at my main house owned for
1. hi there- i am thinking letting at my main house owned for 8 years (its my only one) for about 5 years or until the market returns to 2007 house prices. if i decided to sell once its picked on and … read more
Sam
Sam
Accountant
Higher Officer HMRC
6,571 satisfied customers
My parents have no equity in their property. If I buy the property
My parents have no equity in their property. If I buy the property from them at a reasonable market price (effectively terminating) their mortgage, what are the tax implications, if any, of lertting t… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,571 satisfied customers
Hi Back in 1991 whilst living with my parents, we purchased
Hi Back in 1991 whilst living with my parents, we purchased their council house via the right to buy scheme. I moved out in 1998 but my parents remain. A mortgage was taken out but due to their age (m… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,571 satisfied customers
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