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donutsmum
donutsmum
Posts: 3 Newbie
Would like some idea of what, if anything, we would have to pay the taxman. Partner bought house in 1997 for 45k. Lived there for 6 years then moved in with me. Allowed son to stay there rent free but council tax was put into his name. He stayed for two years then moved out and house was let for 2 years and rent declared to taxman. Partner is now selling property and concerned about whether or not there will be any CGT to pay. Selling for 150k. He does not own any other property (this house is in my name only). An acct friend said he would have to pay quite a large (30k) amount but reading the other posts I'm not sure. Please advise if you can it would be much appreciated.
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Comments
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He owned it for ten years and lived in it for 6, so he has CGT exemption for the 6 years plus the last three years of ownership. So 9 of the 10 years are exempt.
Gain after costs is probably about 100k so 90k is exempt leaving 10k. On top of that, he has letting relief which will take care of the last 10k. There would also be taper relief and his CGT allowance, so there is no chance of having to pay any 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 -
Many thanks for your extremely helpful reply and apologies for not responding earlier. Life's been busy!!0
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