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.
📨 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
BTL mortgages
Comments
-
-
bobbymotors wrote: »as above long term he'd be better off keeping them...they aren't making any more ground and over time property will go up. Well, it has so far!
He might, for example, prefer to sell them and buy his own single property (no extra stamp duty that way). Are they near where he lives?
Also, what you think he should do isn't my point. What would he want to do with them? If he feels he would sell them, then there's less call for you to hang on to them in the mean time.0 -
I think he would keep them TBQH0
-
bobbymotors wrote: »I think he would keep them TBQH
I thought you might ask him, but never mind.0 -
bobbymotors wrote: »I wasn't planning on selling them to him, more an outright gift. if i survive 7 years then no IHT I believe.
But if it means CGT is payable on the gift there is no point.
CGT at 28% is better than IHT at 40%
So it still might be worthwhile gifting
Might be worth getting some professional estate and tax planning advice0 -
bobbymotors wrote: »I wasn't planning on selling them to him, more an outright gift. if i survive 7 years then no IHT I believe.
But if it means CGT is payable on the gift there is no point.
As for his selling them, once they are his its up to him,but my advice to him would be to keep them as it will mean he is off the treadmill!
Gifts to related properties are deemed to have taken place at market value - at least for calculating CGT.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 -
bobbymotors wrote: »I wasn't planning on selling them to him, more an outright gift. if i survive 7 years then no IHT I believe.
Properties are currently mortgaged though. No doubt your son will be caught for 2nd home stamp duty as well. Then there's sending him income tax wise into 40% territory with no relief restricted to 20%.
Might be better to sell one and make the other 2 properties mortgage free.
Suggest you seek some professional advice.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.8K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.4K Mortgages, Homes & Bills
- 178.2K Life & Family
- 261K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards