Property Gains Tax

ads2312

I'm looking at a property tomorrow that is a repo with the intention of doing it up and re selling.
I know if I don't stay there for a certain time I will have to pay Property Gains Tax.
I was talking to an EA and he said there are ways round paying it. Any one done this ? i.e. pretended to split with other half was one of the examples he gave me. Obviously will only work once !!

theartfullodger

Any patriotic person would be happy to pay tax due.. Which tax to you mean?? Afaik there is no "Property Gains Tax" but clearly you'd be liable (unless exempt..) for Council tax, stamp duty etc etc etc..

Biggles

theartfullodger wrote: »

Which tax to you mean?? Afaik there is no "Property Gains Tax"

He means Capital Gains Tax.

theartfullodger

Wow, thanks biggles!! I'd assumed that as well but wanted to hear what he thought (there can be at least 7 taxes a property owner may have to pay..) - I can't mind read like you can...

Cheers!

ads2312

yes sorry , Capital Gains Tax

googler

Can you afford to keep it for 6 mths or more?

Setting aside all tax matters, you'll find it very difficult to sell within 6 mths because the lenders are getting fussier about not lending on properties which haven't been owned for this length of time. Something to do with money-laundering, I gather. If buyers can't get the finance to buy it from you, you'll be restricted to cash buyers

Thrugelmir

ads2312 wrote: »

yes sorry , Capital Gains Tax

You may find yourself subject to income tax. If its a renovate and sell project.

ads2312

googler wrote: »

Can you afford to keep it for 6 mths or more? Might take me that long to do up !! 1 man show ! but yes if nessesary

Setting aside all tax matters, you'll find it very difficult to sell within 6 mths because the lenders are getting fussier about not lending on properties which haven't been owned for this length of time. Something to do with money-laundering, I gather. If buyers can't get the finance to buy it from you, you'll be restricted to cash buyers

Sorry don't understand what your saying, I'm a cash buyer and thought I could say I've moved in as my permanent residence. Stay for 6 months then sell. I probably will be living there during the week (if I get it) so I'm kind of not telling porkies. I know it might be a lot of hassle but 18% is a lot of money.

FTBFun

ads2312 wrote: »

Sorry don't understand what your saying, I'm a cash buyer and thought I could say I've moved in as my permanent residence. Stay for 6 months then sell. I probably will be living there during the week (if I get it) so I'm kind of not telling porkies. I know it might be a lot of hassle but 18% is a lot of money.

It is possible, although I suggest getting advice from someone who is qualified in this sort of advice rather than qualified in BS like an estate agent.

ads2312

The EA is a close family friend and wouldn't tel me BS but I understand what you say.

theartfullodger

ads2312 wrote: »

........... thought I could say I've moved in as my permanent residence. Stay for 6 months then sell. I probably will be living there during the week (if I get it) so I'm kind of not telling porkies...............

"I thought I could say..." "I'm kind of not telling porkies...."


Sigh!!..

We all know what you are doing.. HMRC ain't that stupid ....

Clearly someone who set out to deceive the authorities to fiddle their tax would expect and hopefully find that others, including the authorities, fiddle their dealings with him at a significant cost of ££££..

Hey, come on, be honest decent, please?? It is the patriotic thing to do...