Recommendation for Property Tax specialist in Surrey

samal

Please anyone recommend Property Tax specialist in Surrey

The story is bought semi detached in KT3 in 1989, soon after it was let. Transferred to spouse 2005 since low tax payer. Looking to sell this year.

Looking for a Tax adviser to minimise CGT, i.e. should we jointly own before sell etc.

Any leads from personnel experience are appreciated
Thanks

00ec25

you have a simple scenario for which you do not need a specialist

any accountant versed in CGT could do it, its location is irrelevant as any advice can be given remotely

if it was your main/only home between 1989 purchase and the letting period starting, you could even DIY by reading this: https://forums.moneysavingexpert.com/showpost.php?p=73621764&postcount=2

making a spouse a co-owner is best done at least 1 year before you sell, and certainly never ever after you have started to market the property for sale otherwise HMRC will overturn it as being done for no reason other than tax avoidance for which settlement legislation expressly deals with inter spouse transfers

samal

Thanks 00ec25

Rented until July hence the idea of understanding all options

Also, need help with Stand Duty if we buy a property to live in but named on parents house as part owner and they still live there. Would the 3% kick in?
thanks

00ec25

samal wrote: »

Thanks 00ec25

Rented until July hence the idea of understanding all options

Also, need help with Stand Duty if we buy a property to live in but named on parents house as part owner and they still live there. Would the 3% kick in?
thanks

do you mean the property is let until July (of what year?)

or do you mean you are currently living in rented property until july?

if you are currently living in rented property, then purchase of a new main home will be subject to the higher rate (+3%) SDLT since you are not selling an existing main home that you have lived within the last 3 years. Instead you are adding an additional property to your property owning portfolio as I assume your share of parent's house is worth more than £40k so counts against you.

your parents were fools to make you part owner as it does not protect your inheritance and in fact lands you with further CGT since it is not your home. Called the double tax whammy of DIY inheritance planning

samal

Once again 00ec25 thanks

Let me provide more details which should clarify the situation

Property A, bought 1989, changed to wife's ownership 2005, hopping to sell later in the year after the current tenants leave in July. Property A has been rented since 1989

Property B, owned with parents jointly, always lived here with parents.
Now thinking of leaving Property B and buy new property to live in once Property A is sold.

Parents will continue to live in Property B

Many thanks

00ec25

property A
so neither you nor your wife have lived in this property as your main home since purchase in 1989.
The entire gain therefore has no relief other than the CGT exempt allowance (currently £11,700) per owner.
As you are married, the wife can transfer part ownership to you so that you end up as co-owners. However, that must be done well in advance of selling.
It would be ideal if it could be done at least a few months before the tenants leave in July so that you establish a record of you having a share of the rental income and paying tax on it. That is valuable evidence that the change in ownership was not done purely to massage the CGT position.

Property B
This is not going to be sold as your parents will continue to live there.
Crucial question therefore what will happen to the share you own?
As long as you retain ownership of B you will have to pay the higher rate SDLT on purchase of C, and cannot claim a refund of that as you have not sold your previous main home (property

Whether you sell A before or after purchase of C is irrelevant as long as you continue to (part) own B