We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
What is the least you can sell a property for?
stilernin
Posts: 1,217 Forumite
Got into a discussion about capital gains, inheritance tax etc and this question came up?
If you want to sell a property to someone for a fiver, can you do it?
If you want to sell a property to someone for a fiver, can you do it?
0
Comments
-
yes you can.........but you would still be charged capital gains on the true market value of the property.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
-
silvercar wrote:yes you can.........but you would still be charged capital gains on the true market value of the property.
Only if they were related, connected, there was other "hidden" transactions going on in the background, or it was a gift, in which case Stamp Duty would also be due on the true value.
But, if you genuinely sold a property for just a fiver, and there was genuinely no connection and no other ways of you receiving money or goods, and it was not a gift, (i.e. assuming the person is just plain stupid), then no stamp duty, capital gains tax, inheritance tax, etc.
Having said all that, there is clearly going to be a suspicion if a property is sold far below market value and it almost certainly will get picked up for further inspection.0 -
I just knew that there wouldn't be a tax free way of giving.... didn't know how it would be collected though .............life's never simple is it?
Well, as I can only afford to give a fiver a day to my kids at the moment, it is likely they will stay under Mr Brown's radar........... I hope :eek: :eek:0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.5K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.4K Work, Benefits & Business
- 604.2K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards