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Benefital owner re CGT
gibby4
Posts: 25 Forumite
in Cutting tax
I was made bankrupt Sept 95.
Forced to sell family home to pay IR.
Brother bought my family home, allowed me to live in it until able to buy it back.
The house is owned by brother.
All mortgage payments have been paid by me (housing benefit)
I am now in a position to buy the house back.
Sold 1995 60k
value now 150K
purchase price now 48K
Is there any way of avoiding the cgt? re benefitial ownership
My brother only took over the ownership because I could not get a mortgage because I was bankrupt. He has never lived in the property and will be selling the property back to me at the remaining outstanding mortgage - 48k. He will have not made one penny in the whole transaction.
Forced to sell family home to pay IR.
Brother bought my family home, allowed me to live in it until able to buy it back.
The house is owned by brother.
All mortgage payments have been paid by me (housing benefit)
I am now in a position to buy the house back.
Sold 1995 60k
value now 150K
purchase price now 48K
Is there any way of avoiding the cgt? re benefitial ownership
My brother only took over the ownership because I could not get a mortgage because I was bankrupt. He has never lived in the property and will be selling the property back to me at the remaining outstanding mortgage - 48k. He will have not made one penny in the whole transaction.
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