How to avoid capital gains tax when selling a second property?

mattyg said:
How much is the house worth?

Will there be any tax to pay anyhow
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It was bought for R250k could now sell for R600-700k just inflation. Which due to the rubbish exchange rate is only about £30k. I am not sure on taxes, if we remortgage and bring the money out the country in a covert way in less than 10k amount would we be better off? I was thinking if we remortgage its a way to get value out of the house without paying tax and if my mom gifts the money to me so i could buy a house in the uk and my sister the same. Would we avoid tax completely? i thought remortgage was better than selling because then we can keep the house and still extract value from it. With a mortgage in rands my sister and i could afford it if we couldn't find anyone to rent it.
 
anything I don't mind said:
It was bought for R250k could now sell for R600-700k just inflation. Which due to the rubbish exchange rate is only about £30k. I am not sure on taxes, if we remortgage and bring the money out the country in a covert way in less than 10k amount would we be better off? I was thinking if we remortgage its a way to get value out of the house without paying tax and if my mom gifts the money to me so i could buy a house in the uk and my sister the same. Would we avoid tax completely? i thought remortgage was better than selling because then we can keep the house and still extract value from it. With a mortgage in rands my sister and i could afford it if we couldn't find anyone to rent it.
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£30k

Inheritance tax is due over £325k you've got a little wiggle room:p
 
Participant said:
No, it's because half the population didn't try hard enough at school. This 'someone else's fault' culture is far too prevalent.
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Yep, I guess that's why overwhelmingly everyone on my degree course is the result of overwhelmingly privileged backgrounds? That and those hardworking kids worked hard to have parents putting them through private school and supporting them.

Macro said:
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.
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The truth, nurses outside of work are the opposite of angels...
 
mattyg said:
£30k

Inheritance tax is due over £325k you've got a little wiggle room:p
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That is great news. Now just have to find out about remortgaging and whether that is possible. Other wise we will just transfer ownership and then keep renting it out. Even if we did manage to remortgage it i don't think it would be easy to get £30k out of the SA in to uk.
 
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