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query re taxes selling house?
saltpot
Posts: 56 Forumite
Hi
my partners parents have just put up a property they own for sale- aroune £100,000 but have been told they will need to pay about £22,000 tax onthis- related to non earner monies? also they were wanting to pass on a lump sum to my partner and have been told they need to pay tax on this topo? anyone can help/advise on this? anyway round this? thanks saltpot
my partners parents have just put up a property they own for sale- aroune £100,000 but have been told they will need to pay about £22,000 tax onthis- related to non earner monies? also they were wanting to pass on a lump sum to my partner and have been told they need to pay tax on this topo? anyone can help/advise on this? anyway round this? thanks saltpot
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Comments
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saltpot wrote:Hi
my partners parents have just put up a property they own for sale- aroune £100,000 but have been told they will need to pay about £22,000 tax onthis- related to non earner monies? also they were wanting to pass on a lump sum to my partner and have been told they need to pay tax on this topo? anyone can help/advise on this? anyway round this? thanks saltpot
Is it Capital Gains Tax? If it is, is their any possibility of them moving into the property for a while before they sell it, this could cut out the need to pay tax.Well life is harsh, hug me don't reject me.0 -
was this a BTL property and not there own private residence .
If it was a BTL then they will need to pay capital gains tax on any profits .
They can give your partner a lump sum but they must pay tax on all the profits ,estate agents ,solicitors fees are tax deductible as are payments to charity .The amount off tax will depend on the individual .0
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