If you're rich enough to have two houses, pony up and pay the tax that's due
This is why people are selfish ****s and half the population can't afford housing
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How to avoid capital gains tax when selling a second property?
- Thread starter rubberduck
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I assume it was SDLT you "could" have dodged?
In which case how?
Not that I'm trying to do the same but there were a number of scams where people thought they had dodged it but it came back after them.
As for as I know there was no legal way to dodge SDLT
I think the OP should be about paying the right CGT. There is no obvious way to minimise without going through serious loopholes.
As for being rich enough. That's just a fallacy, circumstance and situation can lead to having two houses. Plus it doesn't mean you are rich - people have cars worth more than the deposit needed on a BTL house. It's about priorities and choices.
Many people don't even think about pensions either as they want to live for today.
As for being rich enough. That's just a fallacy, circumstance and situation can lead to having two houses. Plus it doesn't mean you are rich - people have cars worth more than the deposit needed on a BTL house. It's about priorities and choices.
Many people don't even think about pensions either as they want to live for today.
If you're rich enough to have two houses, pony up and pay the tax that's due
This is why people are selfish ****s and half the population can't afford housing
Thats all the OP wants to do is to pay what tax is due. He's not trying to evade paying the tax he just wants to avoid paying more than he should.
Nowt wrong with that unless your happy paying more tax than you should
Now i find this comment insulting, i kinda like you as a poster, but you have crossed the line, what is it with these forums members who go about thinking Elitism look at me, i find you rather pathetic and i would tell and deal with you face to face if you spoke with this attitude to me.
Going back to the op post pay what you are due without snaking out of what you have to pay, your in lucky position to own two properties so deal with it.
and thats the problem isn't it the tax rules are complex and hardly ever straight forward
i would have thought that the best course of action would be to seek out professional advice ok it will cost but surely the money saved would be worth it
The most likely "dodge" would have been the introduction of the new SDLT. There was an option for those who had agreed sales before the announcement to use either system.
Are we talking a large gain here?
http://www.telegraph.co.uk/news/pol...exchange-for-resurrection-of-mansion-tax.html
Inheritance tax is "widely avoided", but at the same time brings in 3.2 billion. Contradictory article is contradictory.
I wonder how easy it would be to axe IHT and find the money some other, less offensive, more straightforward and less avoidable way. That's what the LibDems say they want to do, and it seems pretty sensible to me.
Inheritance tax is "widely avoided", but at the same time brings in 3.2 billion. Contradictory article is contradictory.
I wonder how easy it would be to axe IHT and find the money some other, less offensive, more straightforward and less avoidable way. That's what the LibDems say they want to do, and it seems pretty sensible to me.
Sorry cross posting with another thread but.
With current fuel prices being 15p pl down. if the government added back that 15p would bring in £6.9Billion per year
Put your proeprty in a family trust.
Soldato
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Virtually all of what you have said is tripe.
If she signs the house over to you and your sister, then you don't pay any inheritance tax, unless she dies within seven years.
You don't pay any capital gains tax, unless you try to sell the property later.
Then you pay on the 'capital gain', as in the money you benefited (earned) during ownership.
If your mum lives in it, and sells it, she doesn't pay any capitals gains tax, as she lives in it.
If she gifts you money, you won't pay the inheritance unless she dies within seven years.
Because most nurses don't get above band 5.
But they are in short supply. It says more about what people really value ie not each other but base selfish needs.
@ Dolph I agree but the poster made a point saying people could easily afford such things. I demonstrated with the largest group in the biggst employer why they were wrong.
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This. Also iirc each year of those 7 you pay a little bit less in tax than what was due orginally.
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Thanks for clearing that up. So what would you recommend is the best option then.
Precisely - Why would anyone pay more tax than they are legally required to? How many people here voluntarily pay more tax via PAYE or Self assessment than required? "ooh, I owe the HMRC £300 tax this month but you know what, I'll send them £400 to pass onto the NHS - won't someone think of the nurses!!!" Half my family are either nurses or work for the NHS and even they roll their eyes every time someone rolls out the "won't someone think of the angelic nurses" trope.Good for you.I wouldn't argue against it at all - but if I had a legitimate way of minimising my tax burden I'd take it, but that's why the world is a wonderful diverse place, because everyone is different.
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Soldato
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I am neither an accountant, or a financial advisor.
It would depend if she is likely to die, if she lives in the house, if you would allow her to stay in the house after she signs it over to you, if you plan to rent it to others if the house must be sold.
There are a great many factors involved.
Professional advice would be my recommendation.
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She is not likely to die, she does not live in the house.
What about if we remortgaged the house (its about £4000 from being paid off) then took that money back to the uk and put it down on a house or two in the uk. ie i buy a house and my sister buys a house. It is currently being rented out and the rent covers the mortgage cost.
The other option is to move it to my sister and mine name asap to avoid inheritance tax and just hold on to it.
We are definitely going to speak to a professional about it.
What about if we remortgaged the house (its about £4000 from being paid off) then took that money back to the uk and put it down on a house or two in the uk. ie i buy a house and my sister buys a house. It is currently being rented out and the rent covers the mortgage cost.
The other option is to move it to my sister and mine name asap to avoid inheritance tax and just hold on to it.
We are definitely going to speak to a professional about it.
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Sorry for the delay in replying.
The way advised by our accountant was to buy the property through a company. Various law firms were willing to do the work and guaranteed to pay the remaining stamp duty themselves if the scheme was ruled illegal. Buying a four-bedroom house in a nice part of London, this obviously would have saved us a significant amount of money.
I'm not sure it if it is still legal. It certainly was when we bought the property as our neighbour used this method to buy their house around the same time. This was before the new stamp duty rules were announced.
There have been a number of "legal" ways to avoid stamp duty. Guaranteed by companies which then fold after taking a chunk of money off you.
I also thought companies pay more in SDLT 15% now over £500k
Buying it through a company may have been cheaper but you'll pay corporation tax on any profit(increase in value) when you come to sell