Capital gains tax on a 2nd property

helptheden

Hi,
I've posted this message in the buying/selling house forum, as my question is about capital gains tax, i thought i'd ask my question on this forum and hope that someone may be able to assist..

I am hoping that someone can provide some advise about Capital gains tax (with regards to selling a second property). About 10 years ago while I was living at my parents house, my Nan bought her council house under the right to buy scheme. I gave her the money to buy the property and after three or four years the property was then transferred to my name and my Nan continued to Live in the property rent free.

I have since moved out from my parents and have bought a property with my wife (joint owners). My nan recently passed away, the property is now empty. My feeling at the moment for various reasons is that I would rather sell the property than get in the renting game. However, I do not really know where I stand with regards to capital gains tax or where I can go to get advise on this?

Since the property was changed over to my name (or before), I have not lived at this property or had any income from the property. I have paid the yearly service charges on the property. There is no mortgage on the property.

I am hoping someone may be able to provide some advice as to whether I would have to pay capital gains tax, and if so what percentage this would likely to be? Also, whether there are ways around paying this Tax ie transfer my other property to my wife’s name only?

Thanks in advance..

harryhound

http://forums.moneysavingexpert.com/showthread.html?p=4739013

http://forums.moneysavingexpert.com/showthread.html?t=546605