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Capital gains tax on comercial property
DELLBOY_2
Posts: 133 Forumite
in Cutting tax
Hi
In 1999 i bought a shop for £43000 i bought out my bussines partner for £14000 and put the property in joint names with my wife
in 2007 i built an extension and flat on the premises at a cost of £70000 (interest only mortgage).
I have been offered £285000 for it , but what would my capital gains tax liability be ??????
In 1999 i bought a shop for £43000 i bought out my bussines partner for £14000 and put the property in joint names with my wife
in 2007 i built an extension and flat on the premises at a cost of £70000 (interest only mortgage).
I have been offered £285000 for it , but what would my capital gains tax liability be ??????
0
Comments
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if you bought a shop for 43,000 how does your business partner come into the matter?0
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shop was in joint names0
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Just to clarify - you bought the shop in joint names with your business partner for £43000 i.e. £21500 each. You bought your partner's half interest in the business (was it half?) and his share in the property for £14000.
Two questions initially:
How much of the £14000 related to the purchase of the property half share?
What is/was your wife's interest in the shop business?0 -
Partners share was 14000 of the property which he got back wife became joint owner when he left (property only )0
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no ideas then ?0
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