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Changing ownership of rental properties.
Comments
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Yes I did read the link. Maybe you wouldn't think it was so clear cut if you were facing a £40,000 tax bill for ending up with the same value of assets as you started with. I can't afford this and I was looking for options. I thought I would check on here first before I spend money on professional advice. After all, the site is all about saving money.
As a chartered tax adviser (although no reason for you to believe that, I could be anybody)...
Yes you were right to check with MSE first as you didn't want to waste money needlessly by going straight to an accountant/tax person if you didn't have to. :money:
However please take what you have been told in the thread as your answer: "Yes, you do actually need to spend some money with a professional."
What you are proposing certainly comes with CGT and SDLT effects (I cannot give more specific advice) so please spend the couple of hundred now to find out if you would need to find tens of thousands later.0 -
When I started this post I hadn't even thought about CGT, so it has been tremendously helpful and probably saved me a lot of money. What I thought was a relatively simple process of removing one name from each property has turned out to be a minefield that I don't think I should enter. I think my best option is to change the joint ownership to tenants in common and hope that my brother-in-law never gets divorced.
I will check with an adviser to make sure.0
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