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Fair valuation??
Comments
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Has the landlord thought this through? He's going to get hit for 40% CGT on any profit over what he bought it for.
Our ex LL dropped the idea of selling the house to us when he found that out.0 -
I presume he has thought it through. He is selling all 3 properties to move to Spain.0
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clairehi wrote:Has the landlord thought this through? He's going to get hit for 40% CGT on any profit over what he bought it for.
Our ex LL dropped the idea of selling the house to us when he found that out.
140k-103k = 37k less buying and selling costs, say 3k = 34k.
House owned jointly we'll assume, 8.8k x 2 CGT relief = 17.6k.
34k-17.6k = 33.4k taxed at his marginal rate. He may not have much income in this tax year, so may only be 20% tax = 6.68k tax.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Is there anyway this could benefit me!!! Or is it just him paying more tax???
(I don't really understand the Capital gains tax)
He does work by the way - if that would affect it at all. He is a full-time shopfitter!!0 -
the tax won't make much difference to you. You can make the point that he won't have estate agents fees by selling to you, but thats it.
His tax will be the same whoever he sells to. It does make sense to sell in a tax year when he has little income if thats possible.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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