We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
Owner wants to pay sitting tenant to move out - tax help please
Legacy_user
Posts: 0 Newbie
The new owners want me to move out. I’m a protected tenant who has been in in my flat since before 15 jan 1989. I know all my rights, he cannot evict me.
What I want to know is if I accept his money offer to leave do I have to pay tax on it bearing in mind this is my principle residence. I am getting conflicting advice.
Some say ‘no’ and others say I might have to pay capital gains tax?
Many thanks in advance if you can help.
What I want to know is if I accept his money offer to leave do I have to pay tax on it bearing in mind this is my principle residence. I am getting conflicting advice.
Some say ‘no’ and others say I might have to pay capital gains tax?
Many thanks in advance if you can help.
0
Comments
-
Contact CAB or HMRC for advice.0
-
How much are they paying you?0
-
They are paying around £100000. I am aware HMRC and c
CAB can give advice. This is a complex matter for the help line.
I’m looking for advice from someone who has done this or knows housing tax law.
Kind regardsThis is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
Are these sources of advice explaining their rationale to you?Oliverthedog wrote: »Some say ‘no’ and others say I might have to pay capital gains tax?0 -
My regular accountant believes it may be capital gains but this is not her area. I have a friend who believes because it’s my principle residence there is no capital gain and as it it not goods or services there is no income tax.
I will look for professional help next week but would like to know if anyone has a definitive answer.
I looking for answers not questionsThis is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
Oliverthedog wrote: »The new owners want me to move out. I’m a protected tenant who has been in in my flat since before 15 jan 1989. I know all my rights, he cannot evict me.
What I want to know is if I accept his money offer to leave do I have to pay tax on it bearing in mind this is my principle residence. I am getting conflicting advice.
Some say ‘no’ and others say I might have to pay capital gains tax?
Many thanks in advance if you can help.
Hi There
I have same tenancy as you been living in my Flat since 1985, Regulated by 1977 Rent act as amended.
Been through 2 sales of the property where my flat is, Both new LL offered money to move out and I said No.
The protection a protected tenancy affords me and succession rights is more important to me than any money a LL could offer.
Just say No, but in the end the decision is yours, don't let the LL a force you into a decision you may regret later.
One other point is your rent registered a fair rent with the the rent service now called VOA https://www.gov.uk/guidance/valuation-office-agency-and-housing-allowance
You almost certainly be paying high rent than you pay know living somewhere else.
Get back to use if you want any more advice on regulated tenancy going though two sales where I live, i've learnt alot
45002Advice given on Assured and Regulated Tenancy, Further advice should always be sought from a Solicitor....0 -
Thank you all for your comments however I am simply asking if anyone knows the tax situation.
As I have said I know my rights as far as my tenancy goes.
Kind regardsThis is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
Oliverthedog wrote: »Thank you all for your comments however I am simply asking if anyone knows the tax situation.
As I have said I know my rights as far as my tenancy goes.
Kind regards
For £10,000
Thats simple.
Your be worst off in the end for sort term gain. IMHO
Good luck...Advice given on Assured and Regulated Tenancy, Further advice should always be sought from a Solicitor....0 -
-
They did
They are paying around £100000.0
Ageing is a privilege not everyone gets.
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 349.7K Banking & Borrowing
- 252.6K Reduce Debt & Boost Income
- 452.9K Spending & Discounts
- 242.6K Work, Benefits & Business
- 619.4K Mortgages, Homes & Bills
- 176.3K Life & Family
- 255.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 15.1K Coronavirus Support Boards