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Me and my Boyfriend have been living together for 5 years. We have a joint account. We are pratically married.
Additional Details
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Forgeot to add, IF THE GROWN CHI... |
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Hi there,
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A . Z . | On selling a property is there a way of not having to pay profit gains tax? |
(Or atleast lower the amount from the blood suckers.) |
 |
 
GLH (male 48 UK)
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Just about every loophole for avoiding paying capital gains tax on a property has now been closed.
You must be paid a fair price (no selling for £1 and getting the rest in cash and not declaring it) - the Inland Revenue will come round and check that the property is worth only £1.
The other one that used to be used a lot was valuing the property at a very low level and then charging a fortune for contents. That won't wash either and again you could expect a visit from the Revenue if the contents seem excessively high value compared to the property. Remember that they have a database and are able to compare your property to loads of other similar properties in the area and anything that looks different will be flagged up for investigation.
Trust Funds are now under attack by our good friend Gordon Brown and if he taxes them it's likely to be retrospective (ie even if you get the money into a fund now, he will still tax it when the new law comes in, in say 2007/8) so there's not likely to be any way round it there.
Giving your money to a spouse, relative or friend won't work because if you are the owner then technically the money comes to you before it goes to your spouse or whoever (the money must be yours to give away). The moment it's yours is the moment they will tax you for it.
Most of the other schemes I have heard of (but won't describe here for obvious reasons) are likely to fail as well and some of them could land you in legal - even criminal - hot water for things like money laundering, tax evasion and so on.
Remember - you've got to earn the money to pay the tax... bite the bullet and don't vote Labour at the next election! |
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taketwo
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Just go and buy another property. |
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milko
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if you put the money in to a trust fund i think you might get away with it |
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leesmadworld
 |
(UK) Example (Idid this a few years ago) On a second property I had owned for years and needed to offload.
Property worth £89000, mortgage outstanding £32000, profit: £57000, capital gains tax: Don't even go there.
1. Remortgaged up tp £82000, put money away (and spent some!)
2. Rented property out for 6 months
3. Sold property for £93000
Profit then £11000, less after legal expenses, estate agents etc. no tax incurred, only income tax on rental income. |
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miss piggy
 |
This may sound complicated, but, we moved out of our house due to work commitments and decided to lease the house out to tenants. While they leased out our house, we rented another. Eventually our tenants bought our house. After we received the payment from the sale of the house, we bought another close to work. We didn't have to pay profit gains tax (or capitol gains tax, as we call it here in Australia), because we didn't buy our new home until after the other one was sold. I don't know how that worked, but that's what happened. We were unaware of it, it was our tax agent that told us about it, we were very pleased, to say the least. |
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billy
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give the money as a gift to your spouse |
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vegas_iwish
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If was a primary residence & you reinvest the proceeds - no tax. If over 55 can sell 1 primary residence home with no tax up to $125k profit (that figure may be higher now). Otherwise - pay up. |
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Valerie Ann
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If it's your main place of residence, then you don't pay tax unless it's also a place of business - in which case you pay a proportion.
I think you can also get reductions for the money you've spent on it? |
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arnold
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if you live there you don't pay any (UK) |
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