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Capital Gains Tax

af77
Posts: 6 Forumite

in Cutting tax
Hi all,
We have some funds from selling my dads house he is still with us but house was is in mine and my brothers name, we have a company set up to use the money to buy some flats to rent out but due to the morgage rates going up we may just put in a high interest account in the name of the company. The issue is we want to make sure we wont pay capital gains taxs as we havnt gained anything yet just reinvesting
Can anyone give me some advise please
We have some funds from selling my dads house he is still with us but house was is in mine and my brothers name, we have a company set up to use the money to buy some flats to rent out but due to the morgage rates going up we may just put in a high interest account in the name of the company. The issue is we want to make sure we wont pay capital gains taxs as we havnt gained anything yet just reinvesting
Can anyone give me some advise please
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Comments
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Are you saying that they has been no gain in the value of you father’s home in the period of your ownership?Did your father ever own it? If he did then IHT is a potential issue even if it was transferred to you over 7 years ago, as is deliberate deprivation of assets in the case of needing residential care.0
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af77 said:Hi all,
We have some funds from selling my dads house he is still with us but house was is in mine and my brothers name, we have a company set up to use the money to buy some flats to rent out but due to the morgage rates going up we may just put in a high interest account in the name of the company. The issue is we want to make sure we wont pay capital gains taxs as we havnt gained anything yet just reinvesting
Can anyone give me some advise please0 -
Keep_pedalling said:Are you saying that they has been no gain in the value of you father’s home in the period of your ownership?Did your father ever own it? If he did then IHT is a potential issue even if it was transferred to you over 7 years ago, as is deliberate deprivation of assets in the case of needing residential care.0
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Keep_pedalling said:Are you saying that they has been no gain in the value of you father’s home in the period of your ownership?Did your father ever own it? If he did then IHT is a potential issue even if it was transferred to you over 7 years ago, as is deliberate deprivation of assets in the case of needing residential care.0
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af77 said:Keep_pedalling said:Are you saying that they has been no gain in the value of you father’s home in the period of your ownership?Did your father ever own it? If he did then IHT is a potential issue even if it was transferred to you over 7 years ago, as is deliberate deprivation of assets in the case of needing residential care.
The IHT 7 year rule will only apply to the transfer from the date the house was no longer his residential home. In addition if the trust was set up before 6th April 2017 his estate will not be able to claim the RNRB.0 -
Surely the money you wish to invest in an account is the gain on selling the property.
Investing it doesn't cancel CGT on the profit when selling.0
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