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Additional Details
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 Can 2 people claim a house on their income taxes if they are not married but joint owners? |
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Agris | Hi.I would like to buy second property in UK.What is the best way to avoid tax? |
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JOANNE T
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Depending on the value of the property, set up a trust in the Isle of Man and get the trust to buy the house, then any tax on sale would be only taxable in the Isle of Man which is a much lower rate than UK. Get a company who specialises in this sort of thing to set it up, phone a local accounting firm and ask for a recommendation. The trust co will charge about £10K for the set up and about 4% of the profit but you could use the trust for any other property which may gain in value. |
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vinay_6543
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simple buy in the south of england! the rent wont cover the expenses ,and when house prices correct you wont have any capital gains tax either! |
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dave n kez
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to avoid tax in the UK its simple don't buy here.!! |
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G*I*M*P
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ooh, flash! |
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idler22
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I think you should pay all the tax you can as you are taking another property off the market, thus depriving others of having a chance to get on the ladder.
Have you thought: 'Why would I want a second property?' You can only live in one house.
Failing that set up a trust or ltd company and buy it that way. |
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Steve B
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Set up a Limited Company and have the Company buy = you don't avoid Taxes, just get to offset them against ALL the expenses. |
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putonyourflipflops
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Don't buy a second property in the UK our taxes are unavoidable!!.........and just wait until the new budget because its going to get even worse! |
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~cathy~
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You could consider buying business / commercial property as after 2 years of ownership you are only taxed on 25% of the gain, so at higher rate tax of 40% this is equivalent to 10% tax of the whole gain (40%x25%) This is known as business asset taper relief.
Furnished holiday lets qualify for business asset taper relief too. However there are certain conditions to qualify as a furnished holiday let:
* available for holiday letting to the public on a commercial basis for 140 days or more, and
* let commercially for 70 days or more, and
* let for periods of longer-term occupation (more than 31 consecutive days) for not more than 155 days during the year.
See http://www.hmrc.gov.uk/manuals/pimmanual/PIM4112.htm
I would be wary of setting up a company to hold the properties. You should get professional advise on this because any gain on the sale of the property will be taxed on the company and in addition to this you will also be taxed at higher rates when you try to extract the funds from the company.
But, keep an eye on the budget as you never know what is around the corner |
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Mark J
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To the person that said you cannot live in 2 properties that is incorrect.
I work away from home Mon to Fri and have thought about buying a flat instead of paying for hotels during this period. My family still live in the family home.
I do not intend to move them as I do short term contracts and could let out a flat if it is not convenient for my current contract.
Not sure how to avaoid tax as I would still be liable for CGT if I sold this second property. |
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