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Buying to rent
baxy
Posts: 50 Forumite
Been married 30m years and house is paid off and in husbands name only
Coud I buy a house to rent out to boost our income as hubby is retiring soon and I dont work.
Also would I be able to sell it in the future without having to pay CGT.
Any advice would be appreciated.
Thanks
Coud I buy a house to rent out to boost our income as hubby is retiring soon and I dont work.
Also would I be able to sell it in the future without having to pay CGT.
Any advice would be appreciated.
Thanks
0
Comments
-
CGT liability is paid on a 2nd residence, so assuming there will be a gain in value over time, you would be liable, but your personal allowance would offset some of it. HMRC will tax you on the rental income aswell.
Lots to learn and abide by, so best read this:
http://forums.moneysavingexpert.com/showpost.php?p=41160642&postcount=12
which will answer a lot of your questions and may even advise you of things you didn't even think of.
If you have any specific questions afterwards, come back and ask again.0 -
Could I move into the house for a time prior to selling it then the 'rental' house would be my home and the house husband owns would be his home.
Would this avoid CGT (been told it would but you know what rumours are like0 -
no, married couples must nominate the same PPR.
(Edit - for CGT purposes. It might be different for CT SPD purposes)
tim0 -
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