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Capital Gains Tax Confusing Situation...anyone shed light?
Rhian100
Posts: 6 Forumite
in Cutting tax
Hi I'm wondering if anyone can help.
I have just sold my house subject to contract and moved in with my partner.
He bought his house for £81000 in 2003 but in 2007 he had to buy out his ex partner so raised his mortgage to £110000.
We have now found a property we want to purchase for about £175000.
I have sold my property but my partner has not, meaning if we go ahead with buying the property for 175k, my partner would have two properties in his name.
My partner wants to sell his house too but would only realistically sell it for £120000, so, he only has around £10000 in equity on this. If he puts his name on a joint mortgage with me whilst still owning his other property will he be subject to pay capital gains tax? He wants to sell his house to release the £10000 equity but realistically this is not going to happen quickly so he may need his name on a two mortgages for a year or so, where does he stand in terms of Capital Gains Tax?
We have no idea how this works and we're confused by the whole system. Thank you for any help you can give us to understand this a bit more clearly.
I have just sold my house subject to contract and moved in with my partner.
He bought his house for £81000 in 2003 but in 2007 he had to buy out his ex partner so raised his mortgage to £110000.
We have now found a property we want to purchase for about £175000.
I have sold my property but my partner has not, meaning if we go ahead with buying the property for 175k, my partner would have two properties in his name.
My partner wants to sell his house too but would only realistically sell it for £120000, so, he only has around £10000 in equity on this. If he puts his name on a joint mortgage with me whilst still owning his other property will he be subject to pay capital gains tax? He wants to sell his house to release the £10000 equity but realistically this is not going to happen quickly so he may need his name on a two mortgages for a year or so, where does he stand in terms of Capital Gains Tax?
We have no idea how this works and we're confused by the whole system. Thank you for any help you can give us to understand this a bit more clearly.
0
Comments
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Tell your boyfriend this:
https://forums.moneysavingexpert.com/discussion/comment/33115235#Comment_331152350
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