We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
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.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
What should we do ? - tax implications etc
jessmjc
Posts: 21 Forumite
Folks
My girlfriend has just moved in with me - my house is owned outright and I don't have a mortgage, its worth approx £300K. We plan to make this home our home.
Her home is also mortgage free and worth approx £90 - 100K, it is approx 50 miles from our home.
What should she do with her home ? Sell it ? What should she do with the cash ?
or should she rent it out ?
What are the tax implications ? Would she have to pay capital gains tax ?
Thoughts and opinions welcome,
jessmjc
My girlfriend has just moved in with me - my house is owned outright and I don't have a mortgage, its worth approx £300K. We plan to make this home our home.
Her home is also mortgage free and worth approx £90 - 100K, it is approx 50 miles from our home.
What should she do with her home ? Sell it ? What should she do with the cash ?
or should she rent it out ?
What are the tax implications ? Would she have to pay capital gains tax ?
Thoughts and opinions welcome,
jessmjc
0
Comments
-
if she sells her home there is no CGT to pay0
-
If she lets it out and then later sells it, she probably won't have to pay CGT either, as there are many reliefs for BTLs which are people's former PPRs.Trying to keep it simple...
0 -
Do things for the right reasons, not solely the tax situation.
She could rent her place out and sell later, better to have a bolt hole to return to if things don't work out with you.
For tax purposes, she would not pay tax on the last 3 years of ownership and would be eligible for letting relief (max 40k), so it will be years before she was looking at a tax bill.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 -
Well done for paying off your mortgage. How did you do it and how long did it take you to do? I feel like I could only dream of that. Any tips 0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.7K Banking & Borrowing
- 253.8K Reduce Debt & Boost Income
- 454.6K Spending & Discounts
- 245.8K Work, Benefits & Business
- 601.8K Mortgages, Homes & Bills
- 177.7K Life & Family
- 259.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards